Bank founded by Daniel Vorcaro publishes note with documentation and claims to have demonstrated that operations were legal
The defense of Daniel Vorcaro, owner of , released a statement this Saturday (Nov 22, 2025) to contest the accusations that supported the da and the legal measures against the bank. The statement presents a series of documents and denies payroll fraud and other irregularities. Here is it (PDF – 423 kB).
“These portfolios were previously acquired by Banco Master from third parties that worked in credit origination, a common market practice. This means that Banco Master did not directly capture the payroll loans that made up these portfolios”says the note.
Among the documents is the contract signed ( – PDF – 5 MB) between Banco Master SA and Tirreno Consultoria Promotoria de Crédito e Participações SA, dated December 5, 2024, which regulates a strategic partnership aimed at the acquisition of payroll loans originated or intermediated by Tirreno.
The contract establishes a system of responsibilities, security and audits, allowing the Master Bank to request the correction, replacement or repurchase of credits if they are not in compliance or are subject to dispute, supporting claims that problematic operations could be reversed without definitive harm to the bank.
According to the statement, in operations with non-standard documentation, Banco Master, “in good faith”replaced the wallets originated by third parties and began the process of repurchasing the remaining balance.
Furthermore, the defense highlights that the portfolios transferred were duly registered at B3 (Stock Exchange) and that the BRB confirmed that it had liquidated or replaced more than R$10 billion of the questioned credits, of R$12.76 billion, which “reduced any direct exposure to Banco Master”.
The Central Bank would also have recognized the absence of irregularities in operations originating internally at Banco Master and did not open any punitive proceedings against Daniel Vorcaro. The note even discloses a negative certificate of the banker’s administrative processes.
FULL NOTE
Here is the full note released by Master:
“Daniel Vorcaro’s defense reports the following:
“1. The investigation by the Federal Police (“PF”) and the precautionary measures granted by the Court of the 10th Court of Justice of the Federal District are based on the sale of credit portfolios, allegedly fraudulent, to BRB.
“2. These portfolios were previously acquired by Banco Master from third parties that worked in credit origination, a common market practice. This means that Banco Master did not directly capture the payroll loans that made up these portfolios.
“3. Credit originators were responsible for registering transactions with paying entities and providing supporting documentation and other documents eventually required by the buyer, within a period of up to 180 days (clauses 1.1.2, 1.2 and 2.1 of the contract).
[]
“4. As the Bank Credit Certificates (“CCB”) had already been effectively generated, Banco Master could assemble the portfolio and transfer it to BRB, especially because there were a series of contractual guarantees that protected both parties and allowed the replacement or repurchase of any non-performing portfolios. All portfolios transferred were duly registered at B3.
“5. In operations with non-standard documentation, Banco Master, in good faith, replaced the portfolios originated by third parties (see notification) and initiated the process of repurchasing the remaining balance.
[]
“6. Therefore, BRB did not keep the credits originated by third parties, but other portfolios and assets of the Master conglomerate, which are not the subject of the investigation.
“7. BRB has already stated that “of the R$ 12.76 billion disclosed by the press, and referring to the gross exposure of portfolios with documentation outside the required standard, more than R$ 10 billion have already been liquidated or replaced, and the remainder does not constitute direct exposure to Banco Master” (note).
[]
“8. This fact was confirmed by the Central Bank (“BC”) itself in the documentation sent to the PF: “through Official Letter PRESI – 2025/061, dated 8.7.25, the BRB reported having already replaced R$10.6 billion (85.5%) of credit portfolios” originated from third parties (item 30 of the brief report of occurrences).
[ e , em PDF – 204 kB e 336 kB, respectivamente]
“9. The supposed intention to defraud or obtain an illicit advantage is incompatible with the facts and the acts carried out by Banco Master within the scope of the contract, namely: receipt of payments into an account at BRB, acceptance of funds transit through the Escrow account, creation of guarantees in the range of R$ 22.3 billion, an amount well above the volume transacted (Official PRESI – 2025/061).
[]
“10. Therefore, the portfolios subject to the criminal investigation were NEVER definitively transferred to BRB, which does not hold them, due to the timely actions taken in good faith by Banco Master itself. Therefore, it cannot be said that the payment made by BRB is linked to these portfolios.
“11. Furthermore, the BC recognizes that “with regard to consigned credit operations originated by Banco Master itself, and not by third parties, historically no signs of irregularities have been identified” (item 4 of Official Letter 20035/2025-BCB/DESUP).
[]
“12. If there had been materiality in the allegations, the BC itself would have initiated punitive proceedings on the matter, which did not happen, despite the facts being known to the municipality for more than six months. On the contrary, the BC declared that, “since the cards had already been replaced, no new exams were carried out” (items 2 and 3 of Official Letter 20035/2025-BCB/DESUP).
[]
“13. In fact, there was never any punitive process opened by the BC against Daniel Vorcaro (negative certificate).
[]
“14. The basis of the investigations against Daniel Vorcaro so far is, therefore, a non-existent fact. There is no fraud of 12 billion reais.
“15. The precautionary measures, in addition to being unfair and unnecessary, ended up forcing the BC to declare extrajudicial liquidation at Banco Master, even in the face of the closing of the sale of the bank widely reported in the press on November 17, whose documentation was filed with the BC on the same day. Therefore, the launch of Operation Compliance Zero made a legitimate market solution that would avoid the liquidation costs imposed on the financial system and society and would not prejudice the carrying out of any investigation.”
[documentos: – 184 kB; – 247 kB; – 246 kB; – 247 kB; – 246 kB; – 248 kB; – 245 kB]
