Master Bank Liquidator Subpoenas US Banks and Companies to Track Daniel Vorcaro's Assets
Quick Look
EFB Regimes Especiais, liquidator of Banco Master, filed new subpoenas with banks and companies in the United States, including Bradesco and Safra, to obtain records of transfers and assets of Daniel Vorcaro and his associates outside Brazil, with deadlines for delivery of documents until October.
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Why It Matters
EFB Regimes Especiais has acted as liquidator of Banco Master since the bank's intervention, seeking to recover misappropriated assets. Investigations have already identified transactions involving Daniel Vorcaro and his associates in companies in the US, including the purchase of a Gulfstream aircraft and investments in luxury real estate in Florida.
EFB Regimes Especiais, which acts as liquidator of Banco Master, filed a new round of subpoenas this Friday (4) to a series of banks and companies abroad, including the North American unit of Bradesco in Florida (USA) and Safra National Bank, part of the J. Safra group, in New York.
The liquidator's lawyers ask for records of bank transfers and transactions brokered by companies in favor of the Master ecosystem.
The objective is to continue mapping the assets and assets of Daniel Vorcaro, his family and partners outside Brazil acquired with the diversion of bank resources — an activity that EFB lawyers have been carrying out since the end of last year, when the dispute over the former banker's business in the United States began.
Bradesco, Safra, Royal Business Bank and The Northern Trust International Banking Corporation were included on the list of subpoenas. In addition to them are Vibe Overseas LLC, Florida real estate companies such as Global America Title Services and Cosmic Realty Partners LLC and luxury car dealership Vintage Point Corp.
From Bradesco and Safra, the liquidator requested account statements, transfers and receipts in amounts exceeding US$500 (R$2,500), checks, credit cards, exchanged communications and emails, loans, mortgages and the exact origin of payments and certificates of deposit.
"As soon as it receives the notification, the bank will analyze and respond to requests for information," Bradesco said in a note. Safra National Bank has not yet commented.
The list of 17 names and companies includes Vorcaro, former partners and directors of Master such as Mauricio Quadrado, Luiz Antonio Bull and Reinaldo Hossepian, as well as companies such as 133 Investimentos e Participações, Master Holding Financeira and the offshore Titan Capital.
Similar requests were made to Royal Business Bank and Northern Trust. Jaguar Multimarket Fund Ltd, a company based in the Cayman Islands and whose final beneficiary is Daniel Vorcaro, was also included, according to investigations.
In the case of companies operating in the real estate, vehicle sales, art and jewelry sectors in the USA, requests for purchase and sales documents, contracts, deeds and negotiations were included, as well as the origin and destination of the money in the transactions.
For Global America Title Services, the liquidator named two specific addresses on Sabal Palm Road in Bay Point, one of Miami's most exclusive gated communities.
In one of these properties, which has 13 rooms in 1,930 m², more than US$85 million was moved between 2024 and 2025, according to data from the Miami property registry, by a company linked to Michael Andreas Toth — a business intermediary for Vorcaro outside Brazil.
Toth also received a direct subpoena to produce consignment documents for works of art, jewelry, watches, musical instruments and collectibles that have been traded by Vorcaro since 2016. He had previously appeared in the liquidator's investigations in cases involving the purchase of works of art made by the former banker.
Most subpoenaed companies must submit documents to the Bankruptcy Court for the Southern District of Florida by September 28th. Only Bradesco, Safra and Royal Business Bank will be able to gather the tests until October 1st.
The liquidator also scheduled Michael Andreas Toth's statement to the court for October 5th. Between October 9th and 19th, in-person testimonies will be collected from representatives of Global America Title Services, Vintage Point, Vibe Overseas and Cosmic Realty Partners.
When contacted, Vorcaro's lawyers have not commented so far.
GULFSTREAM JET
This Thursday (3), Sequor Law, the firm that represents EFB in the United States, also asked judge Scott Grossman to approve a confidentiality agreement between the liquidator and Gulfstream Aerospace Corporation, a manufacturer of executive jets that sold an aircraft to Vorcaro valued at R$538 million, in 2024.
The company had already received a subpoena to produce evidence on July 14, but the jet manufacturer said that part of the documentation is confidential and requested a protective order before handing over the documents.
Confidentiality covers information about trade secrets and regulatory investigations that are ongoing, or whose disclosure could cause economic harm.
What to Watch
AI outlook — possibilities, not facts
The Florida Bankruptcy Court will approve the confidentiality agreement between the liquidator and Gulfstream Aerospace with certain caveats regarding the scope of the confidentiality.
Likely · Within weeks
At least one of the subpoenaed banks (Bradesco, Safra or Royal Business Bank) will request an extension of the deadline for submitting documents beyond October 1st.
Possible · Within weeks
Open Questions
- What is the total value of the assets of Daniel Vorcaro and his associates identified so far outside Brazil?
- Will the subpoenaed banks contest any of the subpoenas in American court?
- Is there a risk that some requested documents will be considered protected by banking or commercial secrecy?
- What will be the outcome of the request for approval of the confidentiality agreement with Gulfstream?
