Banco Master Owner Remains Jailed as Central Bank Orders Liquidation in Fraud Probe

Overview

• A custody hearing kept Daniel Vorcaro in detention on Tuesday, according to O Globo.
• Federal Police say Operation Compliance Zero targets an alleged scheme to issue false credit securities within Brazil’s financial system.
• The Central Bank placed Banco Master into extrajudicial liquidation, immediately halting operations and suspending ongoing negotiations.
• Authorities also arrested ex-partner Augusto Lima and the bank’s treasurer, Alberto Félix.
• Investigations include Banco Master’s management and a reported attempted purchase by BRB, as reports detail Vorcaro’s recent investor outreach with Michel Temer and his use of prominent advisers.