What Happened at Apex Partners?

Fernando Cinelli, founder and president of Apex Partners — an investment platform headquartered in Vitória, Espírito Santo — was removed from leadership on Thursday (August 6) after an internal investigation uncovered financial inconsistencies within the company. The CFO, Eduardo Siqueira, was also suspended. Marcelo Murad, a senior partner, has assumed the interim presidency.

What Triggered the Internal Investigation?

The breaking point was Apex's acquisition of a 15.5% stake in CVC, one of Brazil's largest travel agencies. The shares lost nearly 40% of their value in just six months. Because investors had been promised guaranteed returns, the resulting losses forced partners to launch a formal internal inquiry. Cinelli had been appointed to CVC's board of directors in April of the previous year, and on the same day he was ousted from Apex he resigned from that board seat as well.

What Legal Steps Are Being Taken?

Partners have filed suit against Cinelli, seeking to hold him liable for "reckless management and bad faith" and requesting a preventive freeze on his assets. According to columnist Abdo Filho, partners say they were kept in the dark about the true size of the company's debt. The firm also announced it will hire an external auditor to deepen the investigation and will pursue both civil and criminal accountability for those responsible.

What Court Protection Did Apex Obtain?

On Friday (August 7), a court granted an injunction in favor of the companies that make up the Apex group. The decision was issued by Judge Marcos Sanches of the Bankruptcy and Judicial Recovery Court, providing a legal shield for the group's operations while investigations continue.

Key Facts:
  • Fernando Cinelli and CFO Eduardo Siqueira removed on August 6.
  • Internal probe found financial inconsistencies at Apex Partners.
  • A fund acquired 15.5% of CVC shares, which fell nearly 40% in six months.
  • Partners are suing Cinelli for reckless management and seeking asset freeze.
  • External audit to be hired; civil and criminal action planned.
  • Court injunction granted on August 7 protecting Apex group companies.