Chile Jails Four Fund Executives Before Trial in an Alleged US$193 Million Fraud
They have not been convicted of anything in the criminal case. But eight of the eleven were already fined by the regulator last year — and that distinction is the story. The post Chile Jails Four Fund Executives Before Trial in an Alleged US$193 Million Fraud appeared first on The Rio Times .
Four executives at Chilean fund company Sartor AGF were placed in pre-trial detention on August 18, 2026, while prosecutors build their case against the firm in an alleged US$193 million fraud. The executives include Michael Clark, former president of Universidad de Chile, who is accused of not launching a mandatory tender offer when he acquired control of Tactical Sport, a company that runs Universidad de Chile.
The fraud charges involve the alleged mismanagement of funds by Sartor Administradora General de Fondos, a company supervised by Chile's financial regulator CMF. The prosecution alleges that the money was moved in a sophisticated criminal structure for personal gain, rather than for the benefit of investors. Sartor AGF's public investment funds were suspended by the CMF in November 2024 and a liquidator was appointed in December 2024.
The regulator also revoked the manager's authorization and fined eight former directors and the ex-general manager a combined 367,500 unidades de fomento in November 2025. The case is currently running alongside a regulatory record, with some actions against the company having already been struck down on procedural grounds.
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