Itau Former CFO Accused of Fraud Starts Job at Santander (1)

Itau Unibanco Holding SA’s former Chief Financial Officer Alexsandro Broedel Lopes — accused of fraud by the Brazilian bank — has started as senior vice president at Banco Santander SA in Madrid.

Latin America’s biggest bank is suing Broedel for alleged “illegal acts” and “serious breach of the code of ethics”. It decided to free Broedel from his six-month garden leave and stopped paying him in September, according to the bank. The garden leave was supposed to end in January, and only after this period the executive would start at the Madrid-based bank.

Broedel is due to take over ...