Former CEO of Brazilian retail giant Americanas arrested amid allegations of billions in fraud

Associated Press

SAO PAULO (AP) — The former CEO of Brazilian retail giant Americanas, Miguel Gutierrez, was arrested Friday in Madrid, and stands accused of participating in a 25 billion reais ($4.5 billion) fraud scheme. Brazil’s Federal Police added his name to Interpol’s red notice list after determining the company falsified financial results to inflate cash flow and artificially boost stock value. Former directors committed fraud by advancing payments to suppliers through loans, engaging in market manipulation, insider trading, criminal association and money laundering, according to a statement. Gutierrez’s lawyer told the local press that his client has cooperated with authorities and denies any involvement.