Brazil Weekly

XP brokerage firm in hot water over accounting irregularities

This week, we cover the fraud accusations against brokerage firm XP Inc. The military deal signed by Jair Bolsonaro and Trump. And how Covid-19 will hold back Brazilian IPOs.

Accused of foul play, XP Inc. faces class action

Stocks of brokerage firm XP Inc. on Nasdaq dipped 13 percent following the publication of a report by The Winkler Group, an investment consultancy. It announces its short-selling position on XP due to “accounting irregularities, inadequate financial disclosures, and discrepancies between the company’s IPO prospectus and internal audits.”

Why it matters. This could be the start of a very expensive legal battle...

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