Brazil Appeals Court Frees Banco Master Owner Daniel Vorcaro Under Electronic Monitoring

Overview

• TRF-1 Desembargadora Solange Salgado reversed her Nov. 20 ruling and on Nov. 28 replaced Vorcaro’s preventive detention with alternative measures.
• Conditions include electronic monitoring, passport retention, a ban on financial-sector activity, restrictions on travel outside his municipality, no contact with other targets or witnesses, and periodic court check-ins.
• The decision also freed four Master executives — Augusto Ferreira Lima, Luiz Antônio Bull, Alberto Felix de Oliveira Neto, and Ângelo Antônio Ribeiro da Silva — under the same conditions.
• The ruling cited nonviolent allegations, risk control through monitoring, prior notice to the Central Bank about Vorcaro’s Dubai trip, and the bank’s extrajudicial liquidation limiting potential reoffending.
• The PF’s Operation Compliance Zero continues to investigate alleged fraudulent credit portfolios sold to BRB estimated near R$12 billion, while a defense challenge on jurisdiction remains pending at the STF under Minister Dias Toffoli.