US Court Confirms Liquidation of Brazil's Banco Master, Freezes U.S. Assets

A U.S. Bankruptcy Court in Southern Florida ruled on 30 May that the liquidation of Brazil's Banco Master will have full force and effect in the United States, ordering an automatic freeze of all assets, accounts and holdings the group holds on U.S. soil. The decision rejected objections from the bank’s main controller, Daniel Vorcaro, and ensures the Brazilian liquidation is enforceable against any person or entity in the United States.

In Brazil, the president of Banco de Brasília (BRB) said the bank was “effectively defrauded” by the Master group, which sold fake credit portfolios worth about R$ 21.9 billion. BRB is creating a R$ 15 billion credit‑rights investment fund and has secured a government‑backed loan of up to R$ 6.5 billion to restore its capital base. The scandal is linked to investigations of money‑laundering, alleged ties to Senator Flávio Bolsonaro and broader political financing concerns.