The links between ministers of the (Federal Supreme Court) and the handling of the case in court have marked it. The personal and professional relationships of the owner of the financial institution, with members of the court and their relatives raised suspicions and culminated in the report of the case.
The core of, which led to the bank’s liquidation being declared in November 2025, involves the offer of investments with returns above those practiced by the market. The scheme aimed to inflate the institution’s assets and, to this end, used mechanisms such as issuing false bonds.
The case is being processed by the STF following a decision by the minister, who was then the case’s rapporteur. The reason was a real estate negotiation between Vorcaro and deputy João Carlos Bacelar (PL-BA), who has a special jurisdiction.
Documents on Tuesday (31) indicate that his wife, Viviane Barci, belongs to companies owned by Vorcaro or linked to him. They also indicate that to go to the Tayayá resort.
Alexandre de Moraes
He is cited in . The minister and the Master’s owner may have spoken on the day of the former banker’s first arrest, November 17, 2025. According to information from the newspaper O Globo, Vorcaro would have asked, on the morning he was arrested, if the minister had “any news”. “”, asks the Master’s owner.
would have responded with text messages converted into images with a single view. The minister, however, denies the communication and claims that it is a “false illusion in the sense, again, of attacking the Federal Supreme Court”.
Also weighing against him is a contract worth R$129 million signed between the Master and the office of his wife, lawyer Viviane Barci de Moraes.
Documents obtained and revealed by Sheet They also indicate that Moraes and his wife, Viviane Barci, or linked to him between May and October 2025.
Arlene
Investment fund that purchased part of the shares of Maridt Participações SA in , in Ribeirão Claro (SC). O , investigated in the Hidden Carbon operation on suspicion of involvement with the PCC.
The connection with the Master would originate from the web used to artificially inflate the bank’s assets. Furthermore, Arleen’s shares belonged to the Leal fund. According to the newspaper O Estado de S. Paulo, this other fund belongs to Fabiano Zettel, Vorcaro’s brother-in-law.
Banco Master
settled by after liquidity problems were discovered. The fraud is estimated at R$12 billion.
The return offered by the bank was higher than that practiced by the market, and the amounts raised were used for unprofitable investments. The scheme depended on the constant inflow of resources. Issuance of unbacked securities and artificial increase in the bank’s assets are also some of the operations investigated by the Federal Police.
The Master’s relationship with public financial institutions is also focused on investigations. The attempted sale to (Banco de Brasília) and the use of money from investments are the main points.
Consult
A tax consultancy company received R$6.6 million from Master between August 2024 and July 2025. Of this, R$281.6 thousand was transferred to the company that is also a partner of the son of the founder of Consult in another venture.
Daniel Vorcaro
Partner and president of Master, he was arrested on November 17, 2025, when he tried to board an international flight. He would be released on the 29th of that month, but was arrested again in March 2026. The former banker.
Toffoli Days
Minister of the STF and partner of Maridt, he was the Master’s first rapporteur at the court. He got his way after a series of decisions considered unusual. Among them, the recognition of the Supreme Court’s competence in the case, the convening of a confrontation with a BC director, the decree of a high level of secrecy and the appointment of experts by its office. The minister even went back and publicly criticized the work of the Federal Police.
after the PF forwarded a report to the president of the court, Edson Fachin, detailing the financial transfers between his family’s company and the funds linked to Master. The decision to remove the then rapporteur was taken in a secret meeting with ministers. Toffoli even defended himself in the Supreme Court plenary, saying that “several magistrates are business owners”.
As indicated by documents obtained by Sheetthe minister also as a partner in July 2025.
Fabiano Zettel
Pastor, Vorcaro’s brother-in-law and former director of Master. He is named as and appears in messages arranging payments to the Toffoli brothers’ company. Zettel was also the main shareholder of the fund that owned Arleen.
Kevin de Carvalho Marques
Son of the minister, he is 25 years old and is a lawyer. He went. In total, the transfers to him totaled R$ 281.6 thousand. Kevin is a partner of the son of Consult’s founder, Gabriel Campelo de Carvalho, in a company called IPGT (Institute of Tax Research and Management). The companies have the same email address.
On a website that was later taken offline, Kevin stated that, after a year in the profession, he had more than 500 clients and 1,000 completed cases, according to the newspaper O Estado de S. Paulo. The spokesperson informed that the page post was a preliminary version.
Kassio Nunes Brands
Before Toffoli’s appointment, Vorcaro’s defense asked for Kassio to be chosen as rapporteur. The argument used was the possible relationship between the Master case and Operation Overclean, reported by him.
Maridt
Toffoli’s company with the brothers José Carlos and José Eugênio Dias Toffoli who had . The name is an acronym made from the word “Marília”, the family’s birthplace, and the initials of Dias Toffoli.
As it was a public limited company, the minister’s name did not appear publicly in the corporate structure. His brothers, as managing partners, had their names disclosed in the company’s public records. Toffoli admitted his participation in the company after the release of the PF report.
As in the case of Arleen, the Organized Crime CPI had declared the company’s fiscal secrecy breached, which was reversed by .
Viviane Barci de Moraes
Wife of minister Alexandre de Moraes and partner of an office that had a contract. The transfers were monthly in the amount of R$3.6 million and would last around three years, according to the newspaper O Globo. The scope of the contract was comprehensive and did not provide for the provision of any specific service.
After the disclosure of the possible conversation between Moraes and Vorcaro on the day of the former banker’s arrest, . According to the lawyer, between February 2024 and November 2025, her office held 94 work meetings, produced 36 opinions and mobilized 15 lawyers.
