BRASILIA (Reuters) – Brazil’s securities regulator CVM accused eight former executives of retailer Americanas of insider trading involving the company’s securities ahead of the disclosure of a high-profile accounting scandal in 2023.

In a statement late on Friday, the CVM said that after concluding an administrative inquiry, it gathered “robust, compelling, and convergent elements” to support the accusations against former CEO Miguel Gutierrez and seven other former executives, including Jose Timotheo de Barros and Anna Christina Saicali.

Americanas said the findings from investigations carried out by its independent committee and authorities show it was the victim of a “complex accounting fraud” orchestrated by its former executives, including misuse of privileged information.

The company said it has strong interest in clarifying the facts and ensuring all those responsible are held legally accountable.

Barros’ lawyer said he had nothing to say, adding that the defense of his client would be made “by proving innocence with objective data.”

A representative for Saicali said she would not comment on the matter. Gutierrez did not immediately respond to a request for comment.

The accounting fraud case at Americanas rattled Brazilian markets last year, raising concerns about regulatory oversight and the effective punishment of any misconduct.

The retailer, backed by three billionaires who founded investment firm 3G Capital, filed for bankruptcy protection after discovering $4 billion in accounting discrepancies.