"Its rapid growth, fueled by products far more appealing than the market average, ended with its liquidation last November and the arrest of its president, Daniel Vorcaro, as he attempted to flee Brazil. According to initial estimates by Brazil's Federal Police, the bank's missing funds could reach 12 billion reais (more than $2.2 billion), and at least 1.6 million people have been affected. A dozen partners and executives have been arrested."
"Finance Minister Fernando Haddad said this could be the biggest bank fraud in Brazilian history. New episodes of this complex scheme, which has already reached the highest levels of government, emerge every week, and the feeling is that investigators are only just beginning to unravel the mystery. The rise and fall of Banco Master bears the signature of Vorcaro, a 42-year-old businessman who began his meteoric career doing business in an evangelical church in Belo Horizonte."
Banco Master was liquidated in November after its president, Daniel Vorcaro, was arrested while attempting to flee Brazil. Federal Police estimate missing funds could reach 12 billion reais, and at least 1.6 million people were affected. A dozen partners and executives have been arrested. Vorcaro built Banco Master through rapid expansion offering fixed-term deposits with interest rates far above market, tied to high-risk operations and without verifying liquidity. He simulated solidity using transactions with nonexistent assets and sold fake credits to BRB. Finance Minister Fernando Haddad called it possibly the biggest bank fraud in Brazilian history. The scandal raises questions about the Central Bank and two Supreme Court justices.
Read at english.elpais.com
Unable to calculate read time
Collection
[
|
...
]