Colombia Regulator Seizes Brokerage

Colombia’s financial regulator has taken control of stock brokerage firm Intervalores amid allegations of inconsistencies in its accounting. The measure seeks to establish whether Intervalores is in a fit state to continue operating or should be liquidated. The Superintendenia Financiera claims to have found inconsistencies of registry and accounting in repo operations involving Ecopetrol stock, as well as in capitalization, resource management, client order management and balance information reports. The regulator expects to finish the review in two months. Based in Bogota, Intervalores has offices in Medellin, Maicao and several other Colombian cities.