Money locked into a poorly chosen investment that lost value
Em Santa Catarina, o Tribunal de Contas determinou que gestores de um fundo de previdência municipal de Içara devolvam R$2,4 milhões após investirem R$3,3 milhões em um fundo imobiliário ligado ao setor funerário — uma escolha marcada por negligência, ausência de análise técnica e indícios de conflito de interesses. O caso, cujas decisões remontam a 2017 e 2018, revela uma falha estrutural na custódia do dinheiro público: aqueles encarregados de proteger a aposentadoria de servidores municipais não cumpriram esse dever. O episódio nos lembra que a confiança depositada em gestores públicos não é abstrata — ela se traduz, concretamente, na segurança financeira de trabalhadores comuns.
- R$3,3 milhões do fundo de previdência de servidores públicos de Içara foram investidos em um fundo imobiliário de alto risco concentrado no setor funerário, sem análise técnica adequada e em violação à própria política de investimentos do fundo.
- O Tribunal de Contas identificou negligência grave, imprudência e indícios de conflito de interesses envolvendo gestores ligados à corretora Planner e ao Banco Máxima — entidades que já estavam sob investigação regulatória à época.
- As perdas reais chegaram a R$2,4 milhões, comprometendo diretamente os recursos destinados à aposentadoria de funcionários municipais que dependem do fundo para sua segurança financeira futura.
- O tribunal ordenou a restituição dos valores, aplicou multa ao ex-diretor administrativo e financeiro, e encaminhou o caso ao Ministério Público estadual para apuração de eventual responsabilidade criminal.
- Uma nova investigação foi determinada sobre os membros do comitê de investimentos e do conselho de administração; a atual gestão municipal se distancia das decisões tomadas há quase uma década e declara cooperação com as autoridades.
O Tribunal de Contas de Santa Catarina condenou os gestores do fundo de previdência municipal de Içara a restituir R$2.395.148 aos cofres públicos, após concluir que o investimento de R$3,3 milhões em um fundo imobiliário ligado ao setor funerário — negociado na bolsa sob o ticker CARE11 — foi ilegal e marcado por negligência grave. A decisão, relatada pelo Conselheiro Aderson Flores, foi proferida na última sexta-feira e impôs ainda uma multa separada ao ex-diretor administrativo e financeiro do fundo por não ter monitorado o desempenho do investimento enquanto as perdas se acumulavam.
Os aportes ocorreram em 2017 e 2018 e revelam um conjunto de falhas sistemáticas: não houve análise técnica adequada sobre segurança, rentabilidade, solvência ou liquidez do fundo antes da aplicação. O CARE11 já apresentava histórico de retornos fracos e baixa liquidez, e era gerido por entidades com vínculos à corretora Planner e ao Banco Máxima — instituições que, à época, já respondiam a processos regulatórios e apresentavam sinais de conflito de interesses. Para o tribunal, não se tratou de má sorte ou volatilidade de mercado, mas de imprudência deliberada.
Além da condenação financeira, o tribunal determinou a abertura de nova investigação sobre os membros do comitê de investimentos e do conselho de administração que aprovaram a operação, e encaminhou o caso ao Ministério Público estadual para análise de eventual responsabilidade criminal. A prefeita atual de Içara, Dalvânia Pereira Cardoso, emitiu nota distanciando a gestão presente das decisões tomadas há quase uma década e afirmando disposição para colaborar com as investigações.
Para os servidores municipais cujo futuro financeiro depende desse fundo, o impacto é direto e palpável: recursos que deveriam crescer com segurança para garantir aposentadorias foram imobilizados em um investimento mal escolhido e perderam valor. A decisão do tribunal busca reparar o dano, mas também expõe uma ruptura fundamental na responsabilidade pública — a falha de quem foi encarregado de proteger o dinheiro alheio.
A court in Santa Catarina has ordered the managers of a municipal pension fund to repay more than two million reais after ruling that a 3.3 million real investment in a cemetery-focused real estate fund was fundamentally illegal. The decision, handed down by the state's Court of Accounts on Friday, June 29th, found that the pension fund for public servants in the small southern city of Içara had acted with gross negligence when it poured money into a specialized investment vehicle tied to funeral services and burial grounds—a sector with inherent risks that should have triggered immediate alarm.
The investment happened in 2017 and 2018, years before the current city administration took office, but the financial damage remains. The court determined that fund managers must return R$2,395,148 to the public coffers, a sum that represents the actual losses incurred. The decision also imposed a separate fine of R$2,725.21 on the former administrative and financial director of the pension fund for failing to monitor the investment's performance as the losses mounted.
What makes this case particularly troubling is not merely that the money was lost, but how carelessly it was deployed. The court's investigation found that the pension fund violated its own investment policy by failing to conduct adequate technical analysis before committing the capital. There was no proper evaluation of the fund's safety, profitability, solvency, or liquidity—the basic criteria that should govern any decision to invest public retirement money. The fund itself, listed on Brazil's stock exchange under the ticker CARE11, was already showing red flags: it had a history of weak returns, poor liquidity that would make it difficult to withdraw money without taking losses, and it was managed by entities with connections to the brokerage Planner and to Banco Máxima, which later became Banco Master. The court noted that these entities were already under investigation by regulatory authorities and showed signs of conflicted interests.
The court's rapporteur, Counselor Aderson Flores, was blunt in his assessment. The decision-making process, he wrote, ignored substantial risks and resulted in placing all 3.3 million reais into a single real estate fund concentrated in a narrow, high-risk sector. The fund's managers had a history of reduced profitability and were themselves involved in sanctioning proceedings. This was not a case of bad luck or market volatility; it was imprudence and negligence.
Beyond the financial penalty, the court has ordered a new investigation into the members of the investment committee and the board of administration who approved the decision, as well as into the fund's managers themselves. The case has been referred to the state prosecutor's office, which will determine whether criminal charges are warranted. The current mayor of Içara, Dalvânia Pereira Cardoso, issued a statement distancing the present administration from the decisions made nearly a decade ago, saying the city stands ready to cooperate with investigators.
For the public servants whose retirement security depends on this pension fund, the impact is concrete. Money that should have been growing safely for their future was instead locked into a poorly chosen investment that lost value. The court's decision attempts to restore what was lost, but it also exposes a fundamental failure in oversight—the people responsible for protecting public money did not do their job.
Citações Notáveis
The decision-making process ignored substantial risks and resulted in placing all 3.3 million reais into a single real estate fund concentrated in a narrow, high-risk sector, with managers involved in sanctioning proceedings.— Counselor Aderson Flores, Court of Accounts rapporteur
The investments in question were made in 2017 and 2018, during a previous administration, and the current government stands ready to cooperate with investigators.— Mayor Dalvânia Pereira Cardoso
A Conversa do Hearth Outra perspectiva sobre a história
Why would a pension fund for city workers invest in cemeteries and funeral services in the first place?
That's the question that haunts this case. The fund wasn't required to invest in cemeteries specifically—it was a real estate investment fund that happened to concentrate in that sector. The real problem is that someone decided to put all 3.3 million reais into a single, narrow, illiquid investment without doing basic due diligence.
What does "illiquid" mean in this context?
It means the money was hard to get out. If the fund performed poorly—which it did—the managers couldn't easily sell the position and move to something safer. They were stuck.
The court mentions "indications of conflict of interest." What does that mean?
The fund was managed by entities connected to Banco Master and a brokerage called Planner. Those same entities were already under investigation by regulators. So the people recommending the investment had financial ties to the people managing it. That's a red flag for self-dealing.
Did anyone go to jail?
Not yet. The court ordered the money repaid and imposed a fine on the former director. But the case has been sent to prosecutors, who will decide whether to pursue criminal charges.
What happens to the pension fund now?
It has to absorb the loss unless the court's restitution order is actually paid. Either way, the money that should have been growing for these workers' retirements is gone.