As Banco Master’s financial situation deteriorated, the institution’s then CEO, Daniel Vorcaro, began to maintain an increasingly frequent schedule at the Central Bank of Brazil.
Survey published by journalist Malu Gaspar, from The Globeindicates that Vorcaro was at the BC at least 17 times throughout 2025, a period in which the regulatory body was already warning of the institution’s growing liquidity risk.
The data was obtained by the newspaper through the Access to Information Law and shows that the last visit took place in October 2025, about a month before the BC declared the liquidation of Banco Master and Vorcaro was arrested in Operation Compliance Zero, conducted by the Federal Police.
Opportunity with security!
The first formal warning from the Central Bank about Master’s difficulty in raising sufficient resources to reorganize its accounts, according to the investigation, was made in November 2024. At that time, the regulator already mentioned the possibility of adopting preventive prudential measures, months before the attempt to sell assets to BRB became public.
Vorcaro’s agendas were divided between Brasília and São Paulo and involved different areas of BC. According to the authority, the meetings took place at the Presidency, the Supervisory Board and in technical departments such as Banking Supervision and the General Coordination of Financial Intelligence. The organization did not detail which leaders he met with, only the units that received him.
Meetings and alerts
On April 8, 2025, Vorcaro was at the BC unit in São Paulo on the same day that the bank was officially notified that the measures adopted until then were not sufficient to contain the liquidity risk. At that time, Master had stopped collecting compulsory deposits, a basic obligation of the financial system. The executive signed a term of commitment providing for the immediate restoration of liquidity.
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The following day, there was another meeting, this time with the Inspection Board. By then, according to records, Vorcaro had already visited the Central Bank five other times at the beginning of the year alone.
Two months later, in July, the Central Bank identified irregularities in BRB’s purchase of Master’s credit portfolios. The agency pointed out a significant volume of suspicious transactions without financial proof, used to artificially support the value of assets.
Given the evidence, the Federal Public Ministry was called, beginning the criminal investigation that would culminate, months later, in the arrest of the bank’s top brass.
Under this pressure environment, according to the investigation of the The GlobeVorcaro met again, on July 22, with the president of the Central Bank, Gabriel Galípolo, and the director of Inspection, Aílton de Aquino. Two days later, the BC authorized the transfer of control of Banco Voiter, now Banco Pleno, to the then partner Augusto Lima, as part of the attempt to reorganize the conglomerate and make the business with BRB viable.
