Overview
- Poder360 identified a reversed compliance instruction and a leftover placeholder (“Texto do seu parágrafo”) in the public 34‑page Code of Ethics dated March 2025.
- Estadão reported that all 15 internal images in the document are generic stock photos that were already available online before 2025.
- Poder360 calculated that Banco Master paid R$80,223,654.94 to the Barci de Moraes firm over 22 months, while the firm says it held 94 meetings totaling 267 hours and produced 36 legal opinions.
- Using a R$3,000‑per‑hour benchmark, Poder360’s estimate of the workload would cost far less than what was paid, and multiple experts told Estadão the fees are incompatible with market norms.
- The firm issued a public note and declined to address specific excerpts; the bank was liquidated in November 2025, and owner Daniel Vorcaro is detained as the Federal Police accuse him of leading a criminal organization.