3rd phase of Compliance Zero was authorized by Minister André Mendonça, of the STF; nucleus is appointed for monitoring the businessman’s “enemies”
Minister André Mendonça, of the STF (Supreme Federal Court), authorized the 3rd phase of Operation Compliance Zero, to preventively arrest Banco Master businessmen Daniel Vorcaro and Fabiano Zettel this Wednesday (Mar 4, 2026). The new phase investigates the group responsible for monitoring and intimidating Vorcaro’s opponents. Read the of the decision (PDF – 384 kB)
The document mentions an exchange of messages between Vorcaro and Luiz Phillipe Machado de Moraes. In conversations, the owner of the Master bank guided intimidation actions against people he considered “enemies”. In one of the texts, Vorcaro advises Mourão about a journalist who published negative reports about Banco Master. “I want to give him a break“, said the businessman.
According to Mendonça’s order, the investigation into the case indicates that Vorcaro issued “direct orders” of acts of intimidation against people witho “business competitors, former employees and journalists” that would harm the Master’s interests. The minister also declared that records were identified that the businessman had “prior access” the information “related to the carrying out of investigative measures”.
The messages indicate that Vorcaro’s brother-in-law, Fabiano Zettel, acted as a mediator for the services of the “intimidation center”, being responsible for payments.
“There is robust evidence that the legal entities listed in the police representation were created precisely with this criminal intent, with no indication of any element that points to the actual performance of lawful economic activities. What can be seen, based on the content of the representation, is that such legal structures were created exclusively to facilitate money laundering and make it difficult to identify the route of illicit resources obtained.“, considered Mendonça.
Retired federal police officer Marilson Roseno da Silva, also arrested this Wednesday, is named as one of those responsible for the group called “The Class”, which sought to obtain clandestine information and monitor people considered opponents of Vorcaro.
The following were preventively arrested:
- Daniel Vorcaro, appointed as leader of the criminal organization;
- Fabiano Zettelinvestigated for making payments and guiding an intimidation center;
- Marilson Roseno da Silvaretired federal police officer investigated for participating in a group monitoring Vorcaro’s opponents;
- Luiz Phillipe Machado de Moraes Mourãoidentified as one of the members of the group “A Turma”.
The search and seizure was also authorized at 15 addresses linked to those investigated in São Paulo and Minas Gerais. Mendonça ordered the removal from public positions and the seizure of assets worth up to R$22 billion.
MASTER CASE
The investigations began in 2024, at the request of the MPF (Federal Public Ministry), which requested the verification of signs of manufacture and sale of false credit securities by institutions that are part of the SFN (National Financial System) and circulation of “bad assets” to hide financial losses.
At the center of the investigations are thefrom the bankerand managers, executives and businesspeople linked to investment funds and operations with credit securities.
COMPLIANCE ZERO – FASE 1
The 1st phase, launched on November 18, 2025, targeted the sale by Master of around R$12.2 billion in fake credit portfolios to the (Bank of Brasilia). Seven people were arrested.
In addition to Daniel Vorcaro, 4 other bank executives in advance (and later released): Augusto Ferreira Limaformer CEO and partner of Master, responsible for bringing the operation known as Credcesta (consigned loans) into the bank;
- Luiz Antônio Bulldirector of Risks, Compliance, HR, Operations and Technology of the Master;
- Alberto Felix de Oliveira Netoexecutive superintendent of Master’s Treasury;
- Angelo Antônio Ribeiro da Silvapartner of Master.
Two other businessmen were arrested temporary decreed. They were:
- Henrique Souza e Silva Peretto, CEO of fintech Cartos;
- André Felipe de Oliveira Seixas Maia is a former Master employee, director of Tirreno and partner at Cartos.
In addition, 25 search and seizure warrants were executed, in addition to precautionary measures in São Paulo, Rio de Janeiro, Minas Gerais, Bahia and the Federal District, authorized by the Federal Supreme Court. In total, 10 people were direct targets of this 1st phase of the operation.
Os 13 cell phones In this 1st phase of Compliance Zero they were divided as follows: 9 with the arrested people who were linked to Master, Cartos and Tirreno and others 4 with those who were removed from their positions at BRB.
Of these seized cell phones, 2 devices were from Daniel Vorcarowhich to equipment. The 4 cell phones of the now former BRB executives were delivered with the respective passwords to access their content – that is, with everything available to the PF for immediate reading since November 2025.
Of the 4 cell phones delivered by former BRB executives, the main one is the Paulo Henrique Costawho was president of Banco de Brasília – a state institution that belongs to the government of the Federal District. He was the one who interacted most directly with the Master directors, identified by the PF and the BC as perpetrators of the fraud.
On Paulo Henrique Costa’s device there are numerous messages received from Daniel Vorcaro reporting who the then banker had spoken to in the federal government and at the Central Bank and how he negotiated to save the Master. The founder of Master talks in these messages about dialogues he held inside the Palácio do Planalto, including with the president (PT).
Although the 4 cell phones seized from former BRB executives have been with the Federal Police since the 1st phase of Operation Compliance Zero, carried out in November 2025 –more than 3 months ago–, and with the content 100% open, the Federal Police chose not to share it with Minister Dias Toffoli, who was.
All 7 arrested in the 1st phase of the operation on November 28, 2025 by the TRF-1 (Federal Regional Court of the 1st Region). The 5 wore electronic ankle monitors and are complying with precautionary measures. Read the of the decision (PDF – 74 kB).
Henrique Souza e Silva Peretto and André Felipe de Oliveira Seixas Maia were released on November 21st. The arrest requests for the 2 were temporary. They were valid for 3 days and were not renewed. They run Cartos and Tirreno, respectively, companies that, according to investigations, had participated in the sales operations of fake credit portfolios.
Liquidations
On the same day as the 1st phase of Compliance Zero, the (Banco Central) the extrajudicial liquidation of the Master. Read the (PDF – 139 kB). Not the previous day, to Fictor Holding the purchase of the bank together with a consortium of investors from the United Arab Emirates. Before, BRB also the Master. The operation endorsement from Cade and the DF Chamber, but by BC.
Then, in 2026, the BC would still liquidate the banks ( – PDF 79 kB) e ( – PDF 65 kB), connected to the Master.
Compliance Zero – Fase 2
The 2nd phase of Zero Compliance, launched on January 14, 2026, linked to Daniel Vorcaro and some of his relatives – including his father, sister and brother-in-law. 42 search and seizure warrants were authorized by the STF in the States of São Paulo, Bahia, Minas Gerais, Rio Grande do Sul and Rio de Janeiro. Read the who approved the operation (PDF – 120 kB).
The businessman was also the target of search and seizure. His cell phone was seized. According to his advisor, he “he was not indicted nor is he part of the investigations related to the operation called Hidden Carbon” and is not associated with Reag.
AlreadyVorcaro’s brother-in-law, pastor, entrepreneur and one of the banker’s closest allies, was arrested for the operation. Read the against the 2 (PDF – 164 kB).
As o Poder360when carrying out the operation against Zettel, the PF almost let him escape from Brazil before being arrested – which caused strangeness between Andrei Rodrigues and minister Dias Toffoli. The judge understood that the PF wanted to create a trap so that the STF would fail and thus demoralize the reporting of the case.
MASTER CASE AT STF
The case reached the Supreme Court because it involved authorities with forum prerogative: during Operation Compliance Zero, which investigates the Master, the Federal Police found an envelope with the name of the federal deputy (PL-BA) at an address linked to Daniel Vorcaro, founder of Banco Master. The minister’s report due to rumors, criticism, decisions considered controversial and clashes with the PF. Read the main ones:
- 29.nov.2025 – by jet to Lima, Peru, to see the Libertadores final between Palmeiras and Flamengo. The owner of the plane is businessman Luiz Osvaldo Pastore, who also invited former deputy and former minister Aldo Rebelo and lawyer Augusto de Arruda Botelho, who defends Luiz Antonio Bull, Compliance director at Banco Master and arrested in Operation Compliance Zero;
- 2.dez.2025 – secrecy regarding banker Daniel Vorcaro’s defense request to recognize the Federal Court as incompetent to deal with his case;
- 3.dez.2025 – that all new steps taken by the Compliance Zero operation against the Master are previously authorized by the STF;
- evidence and experts – that the evidence would be sealed and safeguarded at the STF, and not with the PF, and removed from the Federal Police the power to examine the materials collected on the Banco Master case. Also 4 experts you trust to access data from Daniel Vorcaro’s cell phones and other evidence collected in investigations related to the case;
- Tire Resort – an investor linked to Daniel Vorcaro was a shareholder from 2021 to February 2025 of thewho belongs to the magistrate’s family (including himself). Toffoli says he has never received money directly from Vorcaro and that all transactions involving the resort are registered with the Federal Revenue Service.
These and other relationships between Toffoli and the Master case increased the pressure for the minister to leave the rapporteurship.
The temperature rose when the general director of,, on February 11, a report to the President of the Supreme Court,which suggested the declaration of suspicion of in the Master case report.
Andrei’s decision, considered bold, united 8 of the Court’s 10 ministers in defense of their colleague, as exclusive dialogues from the meeting published by Drive and by Poder360. At the time, it was decided that Toffoli the reporting of the investigation in search of the Court’s self-preservation. With the departure of the minister, the rapporteur for André Mendonça.
CONFRONTATION
O Poder360 revealed on January 29, 2026, exclusively, the testimonies of the main people cited in the Master case.
The PF held a confrontation between Paulo Henrique Costa, Daniel Vorcaro and the BC’s Director of Inspection, Ailton de Aquino, to clarify contradictions in the statements about the origin of the credit portfolios negotiated between BRB and Banco Master.
The procedure was conducted by delegate Janaina Pereira Lima Palazzo on December 30, 2025 at the headquarters of the Federal Supreme Court. Everything was recorded on video and the Poder360 had access.
There are 32 reports, 8 videos with the full statements, 15 videos with cut excerpts from the statements and an extensive investigation. Access all materials.
Read other reports about the Master Case already published by Poder360:
Testimonials:
- Here is what Daniel Vorcaro said:
- 📹 Watch Vorcaro’s full statement:, e.
Here is what Paulo Henrique Costa said: - 📹 Watch Costa’s full statement: e e.
Here is what Ailton Aquino said:
📹 Watch Aquino’s full statement: e.
