Brazil Seeks Florida Assets in Massive Bank Fraud Probe

Brazilian officials are intensifying their search for assets in Florida, including luxury real estate and valuable artwork, linked to financier Daniel Vorcaro and his collapsed Banco Master SA. This pursuit is part of an effort to recover funds following what is suspected to be Brazil's largest-ever banking fraud. The central bank's liquidator has filed legal documents in Miami, seeking to subpoena numerous entities, such as real estate brokers, art dealers, and auction houses, to trace Vorcaro's assets.

Legal actions in US bankruptcy court reveal details of Vorcaro's opulent lifestyle, with inquiries into a significant mansion and high-value art. Vorcaro's legal team has objected to the subpoenas, arguing that personal assets should not be targeted. The bank's rapid growth, transforming it into one of Brazil's top lenders by attracting retail investors with high interest rates, was abruptly halted in mid-November. Federal police arrested Vorcaro and associates amid allegations of a multibillion-dollar fraud, leading to the central bank's liquidation of Banco Master.

Vorcaro has denied any wrongdoing and claims to be cooperating with authorities. The case also brings to light Vorcaro's international business ambitions, including plans for a US expansion. Investigators are also examining companies established by Vorcaro's associates in Miami, such as the payday lender Salarly, which has ties to a Brazilian payroll lending operation previously owned by Banco Master. This complex legal battle highlights the significant international reach of the alleged fraud.