Three managers from Caixa Asset, the investment arm of the state-owned company, were against the purchase of R$500 million in financial bills before the liquidation of Vorcaro’s bank
The Public Ministry of Labor (MPT) opened an investigation against Caixa Econômica Federal to ascertain the demotion of three Caixa Asset employeesthe investment arm of the state-owned company. According to the process, managers Leonardo Silva, Mariangela Fraga and Daniel Gracio were removed from their positions after position themselves against the purchase of R$500 million in financial letters from Banco Master, in 2024.
Wanted by Young PanCaixa Econômica Federal did not respond to the contact until the closing of this report. The space remains open.
In a notification sent to the state-owned company, the MPT demanded explanations regarding the employees’ complaints, sending a copy of the administrative process who removed Leonardo, Mariangela and Daniel from their functions and any communications made by them internally about what happenedin addition to inform the “current functional status” of workers. The body also ordered the state-owned company to present “copy of possible investigation process” regarding the Caixa president’s speechCarlos Vieira, on “it is not reasonable” to turn the case between Caixa Asset and Banco Master into “a media issue”.
On November 27, 2025, during the presentation of the quarterly balance sheet, the president of the state-owned company was asked about the episode. At the time, Vieira also said that the attempted business deal with Master had already been discussed with the Federal Audit Court (TCU).
In the previous month, in October 2025, the former director of Caixa Asset Igor Macedo Laino was fined R$10,000 by the Court for trying to approve the purchase of Master’s financial bills. At the time, the rapporteur of the TCU process, Antonio Anastasia, understood that “relevant information” about Daniel Vorcaro’s financial institution were omitted in order to “bias decision making”.
Understand the Master case
After identifying signs of financial irregularities and the serious liquidity crisisthe Central Bank determined, on November 18, the extrajudicial liquidation of Banco Master S/ABanco Master de Investimentos S/A, Banco Letsbank S/A and Master S/A Corretora de Câmbio, Títulos e Valores Mobiliários.
On January 21, Will Bank, the digital arm of the Vorcaro conglomerate, .
The Banco Master liquidation process was accompanied by Operation Compliance Zero. Also on November 18, the PF launched the first phase of the action to combat the issuance of false credit securities by institutions that are part of the National Financial System (SFN). Faced with the possibility of escape, Vorcaro was arrested the day before. The banker was later released using an electronic ankle bracelet. On March 4, .
According to investigations, Vorcaro’s financial institution offered Bank Deposit Certificates (CDB) with profitability well above the market. To sustain the practice, Banco Master started taking excessive risks and structuring operations that artificially inflated its financial balancewhile the liquidity deteriorated.
The episodes of settled on January 15th, are the most serious problems in the Brazilian financial system. The cases involve, in addition to fraud, tensions between the Federal Supreme Court (STF) and the TCU, as well as with the Central Bank and the Federal Police (PF).
On January 17, the Credit Guarantee Fund (FGC) began the from Banco Master, Banco Master de Investimento and Banco Letsbank. The total amount to be paid in guarantees amounts to R$40.6 billion.
