The board of the Securities and Exchange Commission (CVM) condemned former banker Daniel Vorcaro, his father Henrique Vorcaro, and his cousin Felipe Vorcaro for practicing a fraudulent operation involving the Brazil Realty real estate fund. The accusation against them and 13 other suspects, including executives and companies, was approved unanimously by the four directors of the agency: rapporteur João Accioly, Marina Copola, Igor Muniz, and chairman Otto Lobo.
Daniel Vorcaro and his father were condemned to pay a fine of R$ 20 million each. Felipe Vorcaro will have to pay R$ 5 million in fine. Banco Master, also involved in the case, was condemned to bear a fine of R$ 12.5 million. Altogether, the CVM applied R$ 201.5 million in fines for the practice of fraudulent operation related to the issuance of quotas of the Brazil Realty fund.
Sefer Investimentos was also penalized with R$ 1.3 million in other fines for violating the duty to provide true information to investors. The case involves accusations of fraud in the issuance of quotas of the real estate fund, with the suspects being pointed out as responsible for manipulation or falsification of information in the process of distribution of the securities.
