- in United States
On October 22, 2025, Resolution RRFCO-2025-312-APN-DIR#CNV (hereinafter, the "Resolution") was published by the Argentine Securities and Exchange Commission (Comisión Nacional de Valores, hereinafter, the "CNV"), in connection with Administrative Proceedings Nos. 1420/2019 and 1422/2019. The Resolution concludes an administrative investigation against SE-SOCIO S.A.P.F.C. ("SE-SOCIO") and BLC TRUST S.A. ("BLC TRUST"), as well as against their respective directors and statutory auditors, for violations of the Capital Markets Law and the General Corporations Law.
The main charge involved the dissemination of misleading advertising through the website www.sesocio.com and other media. On August 30, 2016, SE-SOCIO created the "SE-SOCIO I Trust Agreement," under which the company acted as Trustee. On September 21, 2018, through a "First Amendment to the Trust Agreement," BLC TRUST was incorporated as Trustee. SE-SOCIO thereafter assumed the role of Administrator and Payment and Collection Agent.
SE-SOCIO's website, in its "Frequently Asked Questions" section, answered the question "How do I know my money will be used for what I'm investing in?" as follows:
"... Your money goes directly to a Trust, independent from SE-SOCIO's assets, which is administered by BLC TRUST (Financial Trustee No. 63, registered with the CNV), who ensures that all investments are carried out according to the instructions given by each investor. Additionally, both the statutory auditors and external auditors also ensure that your contributions are used for the purpose you selected..."
The CNV considered that this message, together with the general advertising, was likely to mislead investors regarding the true nature of the management and custody of the funds, as well as the seriousness of the proposed business.
It was determined that SE-SOCIO violated Article 112 of Law No. 26,831 regarding misleading advertising. BLC TRUST was found responsible for violating the same provision by consenting to such advertising, in addition to breaching its duty of loyalty and diligence as a registered agent. The directors and statutory auditors of both companies were held liable for failing to meet their duties of diligence and oversight.
To access the full Resolution, visit the CNV website at the following link.
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