From Agência Brasil · · 50s
Former Banco Master owner charged in fraud case
Brazil’s Federal Police charged former banker Daniel Vorcaro and 14 others for financial fraud at state-owned bank BRB.
In brief
Brazil’s Federal Police charged former banker Daniel Vorcaro and 14 others for financial fraud at state-owned bank BRB. Former Banco Master owner Daniel Vorcaro and 14 others charged with causing BRL 2.7 billion losses to Brazil’s state-owned bank BRB through fraudulent transactions. Originally reported by Agência…
Charges filed
Brazil’s Federal Police charged former banker Daniel Vorcaro and 14 others under investigation for financial fraud at state-owned bank BRB.
Losses confirmed
Federal investigators determined BRL 2.7 billion in losses to BRB from irregular loan portfolios held by shell company Tirreno.
Defense response
Vorcaro’s defense team denied BRB’s transactions with Tirreno caused losses, stating portfolios were replaced by other assets with positive results.
Investigation extension
Supreme Court will extend probes for 60 days to complete forensic examinations and submit supplementary report.
The one thing
Former Banco Master owner Daniel Vorcaro and 14 others charged with causing BRL 2.7 billion losses to Brazil’s state-owned bank BRB through fraudulent transactions.
