Unanimously, the Securities and Exchange Commission (CVM) sentenced this Tuesday (8) former banker Daniel Vorcaro to pay R$20 million for an operation by the real estate fund Brazil Realty considered fraudulent. Banco Master was fined R$12.5 million. In total, seven people and nine companies were punished.
In total, the fines imposed due to fraud reach R$201 million. The process investigated the use of overvalued assets and operations in the secondary market (when previously issued securities change hands).
Main numbers
R$20 million: fine imposed on Daniel Vorcaro;
R$ 12.5 million: penalty applied to Banco Master;
R$201 million: total fines for fraud, according to the CVM;
R$5.8 million: realized loss identified for investors;
16 defendants: all convicted in the process, according to the CVM.
Process since 2020
The process was initiated in 2020 by the technical area of the CVM to investigate irregularities in the issuance and distribution of shares in Brazil Realty, a real estate investment fund.
The trial took place this Tuesday (8), at the municipality's headquarters, in Rio de Janeiro. Director João Accioly, rapporteur of the case, voted to convict the accused. The other members of the board followed the understanding, making the decision unanimous.
The process was suspended twice due to requests for review. There were also attempts to reach an agreement to close the case, but the proposals were rejected by the CVM.
The defenses of some accused asked for the session to be postponed, but the request was not accepted.
How it worked
According to the accusation analyzed by the CVM, the scheme involved the overvaluation of properties and other assets used in the composition of the fund.
The investigation highlighted problems in reports used to determine the value of assets and operations designed to create artificial liquidity for shares in the secondary market.
In the third issue of shares, which began in 2018, the fund received R$139.1 million, much of it in physical assets. According to the CVM, some of these assets, mainly real estate, had values higher than those considered appropriate by the authority.
The CVM also pointed out problems in the documentation related to part of the payments made in the issuance.
Artificial liquidity
After placing the shares, companies linked to those involved would have participated in operations on the secondary market to create liquidity for the shares.
According to the indictment, Entre Investimentos carried out 177 operations, involving approximately R$351 million in purchases and R$358 million in sales. The company stated in the process that the operations were intended to provide liquidity to investors.
For the technical area of the CVM, however, the dynamic allowed investors to purchase shares based on values considered artificially high.
The authority identified R$5.8 million in losses made by funds that traded the assets, including funds that had their own employee pension schemes among their shareholders.
Other convicts
In addition to Daniel Vorcaro and Banco Master, the process reached people and companies related to the operations investigated.
Among those convicted are the former banker's father, Henrique Moura Vorcaro, and his cousin, Felipe Cançado Vorcaro.
Viking Participações, linked to Daniel Vorcaro, Entre Investimentos and its manager, as well as other stakeholders and companies, were also punished.
Individual fines ranged from R$5 million to R$24 million, according to the penalties established in the trial.
Three former directors of Sefer Investimentos were acquitted.
Defense contests
Daniel Vorcaro's defense denied that there is individual evidence of irregular conduct attributable to the former banker.
During the trial, lawyer Ana Paula Casagrande questioned the existence of concrete elements that demonstrated that Vorcaro had used fraudulent means to mislead investors.
The defendants also contested the irregularities highlighted in the process and maintained that the operations followed market rules.
The CVM, in turn, considered that the documents gathered in the process were sufficient to characterize the fraudulent operation and hold those involved responsible.
Master Bank
Banco Master, which was later liquidated by the Central Bank, received a fine of R$12.5 million in the process.
The CVM pointed out that the institution participated in the third issue of the fund and placed approximately R$16.8 million in cash in Brazil Realty.
In subsequent operations with the quotas, the municipality calculated a positive result of approximately R$ 10.8 million for the bank.
Viking Participações had a positive result estimated at R$837 thousand, while the operations directly attributed to Daniel Vorcaro presented a negative result of approximately R$6.8 million.
Next steps
Those convicted can appeal the decision to the National Financial System Appeals Council (CRSFN).
The CVM process is independent of the criminal investigations conducted by the Federal Police into Banco Master and Daniel Vorcaro.
The former banker was arrested for the first time in November 2025, in the Federal Police's Operation Compliance Zero. At the time, the Central Bank liquidated Banco Master. Vorcaro to be arrested in March 2026, in another investigation.
