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CVM investigation ordered by Flávio Dino into Banco Master case
Supreme Court Minister Flávio Dino has ordered the Federal Police to open an inquiry into the Securities and Exchange Commission of Brazil (CVM) regarding its oversight of funds linked to the defunct Banco Master. The investigation focuses on the potential omission of the regulator following a February 2022 complaint from the Credit Guarantee Fund (FGC). The complaint detailed accounting inconsistencies, price manipulation, and the use of FGC-covered resources to purchase illiquid assets, totaling over R$ 3 billion of the R$ 5 billion involved.
Investigators have also uncovered evidence regarding Daniel Vorcaro, the former banker, including messages suggesting he exercised total management over the company Tirreno, which was involved in transactions with BRB. Additionally, Central Bank President Gabriel Galípolo addressed a separate matter involving a contract between Banco Master and the brother of a Central Bank official, stating the situation is distinct from other investigations.
Market entities Amec and IBGC have called for transparency and clarifications to protect the CVM's independence and credibility. The CVM has been ordered to provide a full copy of the archived investigation within 72 hours.
Entities
AMEC · Abraham Palatnik · Augusto Lima · Banco Master · Comissão de Valores Mobiliários · Daniel Vorcaro · Flávio Dino · IBGC · Jaques Wagner · Otto Lobo · Polícia Federal
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Investigators found messages on Daniel Vorcaro's phone indicating he had total management over the company Tirreno. didigalvao.com.br
- [● 3 SOURCES] Police extracted messages showing six potential meetings between Daniel Vorcaro and Senator Flávio Bolsonaro. didigalvao.com.br
- [● 8 SOURCES] Supreme Court Minister Flávio Dino ordered the Federal Police to investigate potential crimes within the CVM. painelpolitico.com · regiaonoroeste.com · www.tnh1.com.br · www.brasildefato.com.br · destakjornal.com.br · +2 more
- [● 8 SOURCES] More than R$ 3 billion of the R$ 5 billion captured with FGC coverage were allegedly allocated to low-quality or illiquid assets. painelpolitico.com · www.tnh1.com.br · www.brasildefato.com.br · destakjornal.com.br · expresso360.com.br · +2 more
- [● 3 SOURCES] Market entities Amec and IBGC called for clarifications regarding the CVM to preserve the regulator's independence and credibility. www.dgabc.com.br · dev.tnonline.com.br · www.infomoney.com.br
- [○ 1 SOURCE] The CVM was ordered to provide a full copy of the archived process within 72 hours. painelpolitico.com
- [● 2 SOURCES] Central Bank President Gabriel Galípolo stated that a contract involving a staff member's brother and Banco Master is a separate matter. sbtnews.sbt.com.br · didigalvao.com.br
- [● 8 SOURCES] The FGC sent a complaint to the CVM in February 2022 regarding liquidity risks at Banco Master. painelpolitico.com · www.tnh1.com.br · www.brasildefato.com.br · destakjornal.com.br · expresso360.com.br · +2 more