In the month in which he served two years in prison, Glaidson Acácio dos Santos, the pharaoh of bitcoins, is fined again by the Securities Commission (CVM).
In addition to him, his fugitive wife, Mirelis Zerpa, who is currently in the US, also received the fine through an administrative sanctions process.
The couple’s company, GAS Consultoria, is another company that will receive part of the fine imposed through PAS CVM 19957.002835/2022-47. live coins gained access.
Two main charges weighed against the suspects. Firstly, conducting a public offer of securities without registration and/or exemption from the CVM (infringement of Section 19 of Act 6.385 and Section 2 of CVM Instruction 400 – in effect at the time, with Art. 19(5) I, of Law 6.385 and Section 4 of CVM Instruction 400).
In addition, the fraudulent operation in the securities market (violation of item I, c/c and item II, ‘c’ of CVM Instruction 8 – in effect at the time).
Following the vote of the president of the CVM, João Pedro Nascimento, rapporteur of the trial, the collegiate of the CVM unanimously decided to condemn GAS Consultoria e Tecnologia Ltda., Glaidson Acacio dos Santos and Mirelis Yoseline Diaz Zerpa. Director Otto Lobo stated that he was inconvenienced and did not participate in the review of the process.
Fine of 102 million reais imposed by CVM on bitcoin pharaoh and wife
If there was even a slight chance of GAS Consultoria reopening its doors, it all ended on the afternoon of last Tuesday (29). This is because both the company and its leaders cannot make any more offers in the market for the next ten years.
In the vote of the rapporteur and chairman of the CVM it was decided that a “temporary ban of 102 months (8 and a half years) at a time from dealing directly or indirectly in any form of operation in the Brazilian securities market, due to the allegation of fraudulent operations in the securities market“.
In other words, neither Glaidson nor Mirelis, much less GAS, can make offers again during the period.
Finally, a fine of R$ 34,000,000.00 per person caused by the charge of conducting a public offering of securities without registration and/or exemption from the CVM. The total fine is BRL 102 million, the first since the Cryptocurrency law was passed in Brazil in June 2023.
Due to aggravating circumstances, the fine was increased
In his vote, the president of CVM initially proposed a fine of R$20 million for each. In addition, all defendants in the lawsuit would not be allowed to make any new offerings to the market for just 60 months.
However, in analyzing the case, the rapporteur at the CVM understood that some aggravating situations made the case of the pharaoh of bitcoins even worse. So he understood that he had to increase the fine and the suspension of the offer by an increase.
“I consider to the detriment of the accused, as aggravating circumstances, on the basis of art. 65, I, II and IV of CVM Resolution No. 45/2021: (i) the systematic and repeated practice of irregular behavior, which continued over time over a long period of time; (ii) the high loss caused to investors; (iii) the expressive advantage the offenders earned or intended; and (iv) the existence of material damage to the image of the securities market. For all elements of the concrete case that have already been put forward in this vote, for each of the aggravating factors mentioned above, I assume a percentage increase of 25% (twenty-five percent) to be levied on the basic sentence applied.”
The 2022 PAS of the CVM is now coming to an end and is one of the first final convictions in the case of the company GAS and its leaders.
See here the vote of the CVM president against Glaidson and Mirelis.
Source: Live Coins

Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.