The Securities and Exchange Commission (CVM) scheduled the judgment of the administrative process that investigates alleged fraud related to the capital markets for September 8th. Among those accused in the case are Banco Master, currently in extrajudicial liquidation, banker Daniel Vorcaro and other members of the Vorcaro family. According to the agenda published by the CVM, the session is scheduled for 3pm on September 8th, will be held in person in Rio de Janeiro and will be reported by director João Accioly. According to the authority, the purpose of the process is to "investigate irregularities linked to the 3rd issue of shares of Brazil Realty FII, under the allegation of fraudulent operation in the capital market, combined with violation of fiduciary and informational duties and the practice of embarrassing supervision".
Vorcaro and Master go to trial at the CVM in a process that investigates fraud in the capital markets
The Securities and Exchange Commission (CVM) scheduled the judgment of the administrative process that investigates alleged fraud related to the capital markets for September 8th. Among those accused in the case are Banco Master, currently...
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According to the agenda published by the CVM, the session is scheduled for 3pm on September 8th, will be held in person in Rio de Janeiro and will be reported by director João Accioly. According to the authority, the purpose of the process is to "investigate irregularities linked to the 3rd issue of shares of Brazil Realty FII, under the allegation of...
- According to the authority, the purpose of the process is to "investigate irregularities linked to the 3rd issue of shares of Brazil Realty FII, under the allegation of fraudulent operation...
- In addition to Banco Master and Daniel Vorcaro, the list of defendants includes, among others, Henrique Moura Vorcaro, Vorcaro's father, and Felipe Cançado Vorcaro, the banker's cousin, as...
- In the agenda published by the authority, the accused and their lawyers were informed that they will be able to participate in the session and provide oral arguments, in person or via...
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In addition to Banco Master and Daniel Vorcaro, the list of defendants includes, among others, Henrique Moura Vorcaro, Vorcaro's father, and Felipe Cançado Vorcaro, the banker's cousin, as well as companies linked to the group and participants in the operation under investigation. In the agenda published by the authority, the accused and their lawyers were informed that they will be able to participate in the session and provide oral arguments, in person or via videoconference, in accordance with the rules set out by the CVM. What will be judged The CVM panel will analyze the accusations related to the third issuance of Brazil Realty FII shares. According to the official description of the process, suspicions are being analyzed of: fraudulent operations in the capital market; breach of fiduciary duties; breach of information provision duties; embarrassment to the CVM's inspection activity. What is the CVM? The Securities and Exchange Commission (CVM) is the body that oversees the Brazilian capital market. She supervises investment funds, publicly-held companies, securities offerings and the activities of market agents. When it identifies signs of irregularities, the CVM may open an Administrative Sanctioning Process (PAS) to determine responsibilities and possibly apply punishments, such as fines, disqualification from holding positions in the financial market or other administrative sanctions. Master Case The Master case began to gain dimension in 2025, when the Central Bank liquidated Banco Master and Daniel Vorcaro became the target of investigations into suspected financial fraud. In January 2026, the Federal Police opened a front to investigate a campaign of attacks on the Central Bank on social media. In March, the PF launched a new phase of Operation Compliance Zero, arrested Vorcaro again and highlighted suspicions of fraudulent management, money laundering, corruption and market manipulation. In May, investigations advanced into alleged operations used to artificially inflate the bank's equity and the value of assets linked to the group.