Banco Master

Banco Master started life in 1970 as Banco Máxima before Daniel Vorcaro reshaped it into a major investment powerhouse by the late 2010s. The firm carved out a specific niche in São Paulo by selling fixed-income bonds with premiums that dwarfed standard government rates. This aggressive strategy pulled in thousands of local investors and significant foreign capital until regulators stepped in.

The operation ended abruptly on November 18, 2025, when Brazil's Central Bank ordered its extrajudicial liquidation. Federal authorities uncovered a massive fraud scheme involving money laundering and manipulated financial data led by owner Daniel Vorcaro. His arrest marked the sudden end for an institution that had become central to the country's financial landscape just months prior.

What began as a banking collapse quickly spiraled into a national political crisis by September 2026. New evidence surfaced linking the scandal to Supreme Court Justice Alexandre de Moraes, who allegedly edited contracts for his wife involving bank assets. Vorcaro reportedly sought advice from the justice about fleeing the country days before his own arrest. President Lula responded by demanding a probe that would not shield anyone, including potential misconduct within the judiciary or the Public Prosecutor's Office. [edit]