Archive · 23 Nov 2025
Banco Master CEO Denies $2.4B Fraud as Bank Is Liquidated
The CEO of a failed Brazilian bank, Banco Master, denies accusations of $2.4 billion fraud that led to the bank's liquidation.
The bank's liquidation will result in payouts to its creditors from the country's deposits insurance fund.
Banco Master CEO Daniel Vorcaro denies fraud accusations leading to bank's liquidation
Vorcaro's attorneys claim no fraud in operations probed by Brazilian officials
Bank's liquidation will lead to payouts from the country's deposits insurance fund (FGC)
FGC estimates around 1.6 million creditors owed roughly 41-55 billion reais
- Who
- Daniel Vorcaro, CEO of Banco Master
- What
- Denied accusations of $2.4 billion fraud leading to Banco Master's liquidation
- When
- Last Tuesday (exact date not specified)
- Where
- Brazil
- Why
- To address fraud accusations and clarify his position regarding the bank's liquidation
Prosecution's Stance
Daniel Vorcaro's Stance
Fraud Accusations
Prosecution's Stance
Accuses Vorcaro of fabricating false credit operations and selling them to another bank
Daniel Vorcaro's Stance
Denies any fraud, claims no probe against him by the Brazilian central bank
- Bank
- Banco Master SA
- Amount Involved
- 12.8 billion reais ($2.4 billion)
- Bank's Status
- Liquidated
- Creditors
- Around 1.6 million
- Total Owed to Creditors
- Roughly 41-55 billion reais