Experts point to possible forgery in TC accusation

Images of alleged conversations between Empiricus directors may have been montage, says report

The office Soglio Advocacia e Consultoria Jurídica made an expertise on the images shown by the company TC (TradersClub) showing supposed impressions of conversations between Empiricus directors. The conclusion is that there are “substantial elements indicating the falsity of the prints presented”.

These messages are at the heart of a dispute between the two financial education and market consulting firms. TradersClub accused Empiricus of having released a defamatory video. In an interview with journalists last Tuesday (26.Jul.2022), the owner of the TC, Pedro Albuquerque, showed images of what would be supposed conversations between the partners of Empiricus (Caio Mesquita and Felipe Miranda) plotting the propagation of the material.

Caio Mesquita and Felipe Miranda deny having any relationship with the accusations made by TradersClub.

For its part, the TC is interested in taking the case to court, as it has already presented a “criminal news” to the Federal Police, who will decide what to do with the case in inquiry nº 2022.0049686. It is not clear whether the PF will ask for due diligence on the matter or whether the process will be stalled.

Empiricus has denied more than once in recent days that it has committed any wrongdoing. The TC continues to maintain that the competitor is responsible for the dissemination of the defamatory video.

The expertise on the available images was carried out by Soglio Advocacia e Consultoria Jurídica, at the request of Empiricus.

O Power 360 had access to part of the report, signed by lawyer Roselle Adriane Soglio and criminal expert Luiz Antonio Santos de Oliveira (here is the PDF of this excerpt). As the document states in its conclusion, the files presented to impute responsibility to Empiricus “may have been produced through applications easily found on the internet that allow the creation of ‘fake’ conversations, in conversation applications such as WhatsApp”.

The report says, however, that the material sent for expertise “does not allow the identification of the author of the false conversations presented” just analyzing the images used by TC in his presentation on the 26th of July. According to the report, this “it can only be analyzed with physical access to the equipment and email accounts that allegedly received the material, which is said to have been forwarded by the hacker”.

In arguing that Empiricus was responsible for the defamatory video, TC said it had received from a hacker the images that would demonstrate such a plot. The identity of this alleged hacker was never revealed or how the material would have reached TC. During the interview with journalists on July 26, Pedro Albuquerque said he had no reason to “doubting the veracity of documents”. This can all be clarified in the course of eventual investigations that may be conducted by the Federal Police after the presentation of the crime news by the TC.


The TC contests the report presented by Empiricus. sent to Power 360 this note about:

“It is inconceivable that the experts hired by Empiricus did not analyze the cell phones used in the conversations. The report itself admits that the proof would depend on the physical expertise of the devices. If the owners of Empiricus, Caio Mesquita and Felipe Miranda, want an effective clarification of the case, they should present their devices to the Federal Police so that they can be officially examined. The TC has no reason to doubt the veracity of the documents it has received.”.


BTG Pactual owns Empiricus. Under the command of André Esteves, the bank bought the company in 2021 for R$ 690 million. Empiricus operates in the area of ​​financial analysis and education.

TradersClub is a company listed on the Stock Exchange that also operates in the financial education and analysis market. In February 2022, he bought a 20% stake in the consultancy Arko Advice, created by political scientist Murillo Aragão. Here is the full text of the statement (102 KB) released at the time.

About Yadunandan Singh

Born in 1992, Yadunandan approaches the world of video games thanks to two sacred monsters like Diablo and above all Sonic, strictly in the Sega Saturn version. Ranging between consoles and PCs, he is particularly fond of platform titles and RPGs, not disdaining all other genres and moving in the constant search for the perfect balance between narration and interactivity.

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