Reuters: Regulatory News: BTG Pactual says Esteves fines don't impact bank

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BTG Pactual says Esteves fines don't impact bank Apr 16th 2012, 16:17 SAO PAULO, April 16 | Mon Apr 16, 2012 12:17pm EDT SAO PAULO, April 16 (Reuters) - BTG Pactual, Brazil's largest independent securities firm, said on Monday that a European regulator's ruling in an insider trading case against Chief Executive Andre Esteves would have no effect on the bank's activities. Esteves, the billionaire boss and controlling investor of Brazilian investment bank BTG Pactual, has been fined 350,000 euros ($457,900) for trades he made five years ago based on privileged information, Italian market watchdog Consob said on Monday. BTG said in a statement that Esteves believed the allegations had no merit and he was determined to appeal the decision.

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