El Ciudadano
Original article: Multas de la CMF por $14.659 millones golpean a exdirectores de Sartor y dejan a Michael Clark, de Azul Azul, inhabilitado por 5 años
The Chilean Financial Market Commission (CMF) announced that, following a seven-month sanctioning process initiated in April 2025, its Council has decided to impose fines totaling $14.659 billion on former directors of Sartor AGF and the company’s former general manager.
This action was taken due to financial irregularities that led the regulator to intervene in the firm. Specifically, violations included breaches of articles 17, 20, 61, and 62 of the Unified Funds Law; articles 59 letter a), 62 letter f), and 169 of Law 18.045; article 41 of Law 18.046; and article 78 of the Corporate Regulation.
In addition to the hefty fines, those involved, including Michael Clark, President of Azul Azul – the entity managing the U. de Chile football team – were sanctioned with a five-year ban from holding directorial or senior executive positions in companies supervised by the CMF.
According to CMF Resolution No. 11.869, the largest fine was levied against Pedro Pablo Larraín, a partner of Sartor’s parent company and former president of the manager, amounting to 80,000 UF (approximately $3.171 billion).
Following him were: Alfredo Harz, with a fine of 75,000 UF ($2.973 billion); Michael Clark, with 65,000 UF ($2.576 billion); Mauro Valdés, with 45,000 UF ($1.783 billion); Rodrigo Bustamante and Juan Carlos Jorquera, each fined 35,000 UF ($1.387 billion); Óscar Ebel with 22,500 UF ($891 million); and Miguel León Núñez, with 10,000 UF ($396 million).
“The sanctions applied to Pedro Pablo Larraín Mery, Alfredo Harz Castro, Michael Mark Clark Varela, Óscar Ebel Sepúlveda, Miguel León Núñez, Mauro Valdés Raczynski, and Rodrigo Bustamante García are primarily related to the investments of the funds in entities connected to the directors, violating their duty of care as directors of Sartor Administradora General de Fondos S.A., which required them to act exclusively in the best interest of the funds, which they failed to do,” the CMF stated in a press release.
Additionally, Pedro Pablo Larraín Mery, Alfredo Harz Castro, Michael Mark Clark Varela, Óscar Ebel Sepúlveda, Mauro Valdés Raczynski, Rodrigo Bustamante García, and Juan Carlos Jorquera Salhus were sanctioned for providing false information in the financial statements of the Sartor Leasing and Sartor Tactical Funds as of December 31, 2023, and as of March 31, June 30, and September 30, 2024.
This was due to the financial statements not reflecting the true economic, equity, and financial situation of these funds concerning financing operations to related companies Danke, E Capital, and E Capital Leasing.
In light of the severity of the violations, a sanction of revocation of the operating license for Sartor Administradora General de Fondos S.A. was also imposed.
The CMF council also chose to sanction Harz, Ebel, and Bustamante for violating article 169 of Law 18.045 by simultaneously serving as directors or managers of both Sartor WM and Sartor AGF, breaching the incompatibility established by the regulations.
Sartor’s Regulatory Violations and Issuance of False Information
According to the Commission, Sartor AGF conducted a series of investments using fund resources in entities related to directors without complying with regulatory demands, “which meant that it did not safeguard the best interests of contributors, thus violating the fiduciary duties owed to them.”
The CMF confirmed that the contributions were not allocated to the best interest of the funds and their contributors but were diverted to finance related companies, “many of which were in precarious financial situations, with unpaid debts and lacking guarantees, making investments that were manifestly harmful to the funds and their contributors.”
In its press release, the institution also accused the directors of providing false information to the market and to the CMF, as the financial statements of the Sartor Leasing and Sartor Tactical Funds as of December 31, 2023, and as of March 31, June 30, and September 30, 2024, did not reflect their real economic, equity, and financial situation.
The CMF classified the case as “one of the most severe” it has investigated, emphasizing that the delivery of false information “precluded timely supervision, complicating access to reliable information about the true financial situations of these securities issuers.”
The regulator announced that it “will refer the information to the Public Prosecutor’s Office so that this body can conduct any investigations it deems necessary,” opening the possibility for criminal proceedings to be initiated.
Michael Clark to Appeal the Sanction
Michael Clark, current president of Azul Azul, responded to the sanction asserting that he will not resign from his position. “I will continue to be president of U,” he stated, arguing that the ban “would not take effect while appeal processes are ongoing,” as reported by radio Cooperativa.
He noted that “it is possible to appeal to the CMF itself and then further appeal to the Judiciary, which we will do.”
Additionally, Óscar Ebel’s defense issued a public statement emphasizing that their client “did not gain any economic benefit” from the investigated actions and that, conversely, he and his family suffered “a significant financial loss and personal harm.” His lawyer, Alejandro Espinoza, confirmed that they are “studying the resolution text to determine the next steps in our legal strategy.”
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