A Supreme Court ruling determined that the Commission for the Financial Market (CMF) must compensate the clients of the former stockbroker Raimundo Serrano Mc Auliffe for a total of $ 33,225,448. after “lack of service” and “emergent damage”.
According to Diario Financiero, in the resolution document the firm’s clients sued the regulator – at that time Superintendence of Securities and Insurance (SVS) – for lack of service and a defective inspection of the broker’s business that, as indicated, used – between 2005 and 2009 – the shares it had in custody of its clients.
This situation not only ended with the loss of shares, but also caused the bankruptcy of the brokerage and the filing of various legal measures against its top executives. Likewise, the ruling established that the regulator failed to exercise – efficiently and effectively – its duty of supervision after not comparing the real existence of the securities in custody, despite seeing indications for it.
In this way, the CMF, in its capacity as legal successor of the Superintendence of Securities and Insurance, must compensate the plaintiff clients for the total value of the shares that were lost. This, according to the valuation made by the court that decreed the bankruptcy of the broker Serrano.
For its part, the Supreme Court stressed that “the correct exercise of this duty of control is not limited only to receiving the reports that were periodically sent to it – which, moreover and as has been established, contained false information – but it was up to the body to verify that what was reported actually corresponded to reality.”
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