The board of the Securities and Exchange Commission unanimously condemned former banker Daniel Vorcaro, his father Henrique Vorcaro, and his cousin Felipe Vorcaro, in addition to 13 other individuals among executives and companies, for fraudulent operation involving the Brazil Realty real estate fund. The decision was made by the four directors of the agency: rapporteur João Accioly, Marina Copola, Igor Muniz, and president Otto Lobo.
The condemned were accused of defrauding an issuance of quotas of the Brazil Realty fund. Daniel Vorcaro and his father were fined R$ 20 million each, while Felipe Vorcaro must pay R$ 5 million. Banco Master, also condemned, will have to bear a fine of R$ 12.5 million.
In total, CVM applied R$ 201.5 million in fines for fraudulent operation. Sefer Investimentos, one of the accused of having participated in the operation, was also penalized with an additional R$ 1.3 million for violations not specified in the available excerpt.
