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CVM convicts Banco Master and Daniel Vorcaro for fraudPhoto by rudi205 on Pexels
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CVM convicts Banco Master and Daniel Vorcaro for fraud

cbn8 September 2026 at 23:39

The Securities and Exchange Commission (CVM) unanimously convicted Banco Master, businessman Daniel Vorcaro, and Vic Participações for fraudulent operation in the capital markets. The board of the agency fully followed the report of rapporteur director João Accioli during a session held at CVM headquarters in downtown Rio de Janeiro.

The fines applied were R$ 20 million for Daniel Vorcaro and R$ 12.5 million for Banco Master. Additionally, the entrepreneur's father and cousins were also convicted by the CVM.

The proceedings were initiated by the Securities Registration Division to investigate irregularities in the issuance and distribution of quotas of the Brasil Real fund. According to the accusation, the scheme allegedly used false appraisals to inflate the value of real estate properties, harming investors in the capital markets.

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