Banco Master Scandal Explained, Full Timeline 2026

BRAZIL · FINANCE · BANCO MASTER SCANDAL

Updated 4 times · Latest: 15 October 2026

The Banco Master scandal is one of the largest bank frauds in Brazil’s history, and since June it has moved from the bank to the country’s highest court and into the presidential campaign. This guide explains what happened, who is involved and what is still open.

What Happened at Banco Master

Banco Master sold high-yield certificates of deposit that were insured by the FGC, Brazil’s deposit guarantee fund. The central bank liquidated the bank on 18 November 2025, and Federal Police arrested its owner, Daniel Vorcaro, under Operation Compliance Zero.

Investigators say Master created fictitious credit portfolios and sold more than R$12 billion (US$2.4 billion) of them to BRB, the state-owned Banco de Brasília. By 13 July the FGC had paid R$40.0 billion (US$8.0 billion) to 718,100 Master savers, and R$50.3 billion (US$10.0 billion) in total with two sister banks.

Since June the case has moved to the courts. Vorcaro is in custody, Federal Police material cites justices of the Supreme Federal Court, the court is divided over how to handle it, and the case has entered the presidential campaign.

Updated 14 October 2026 · Amounts in reais are converted at R$5.01 per US$ (central bank PTAX rate, 13 October 2026)

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Who Is Daniel Vorcaro?

Daniel Bueno Vorcaro, born October 6, 1983 in Belo Horizonte, is the architect of the Banco Master fraud. The son of a real estate broker with ties to the Lagoinha Baptist Church, Vorcaro earned an MBA from the Brazilian Institute of Capital Markets in 2007 before moving through educational companies and real estate ventures.

In 2018, Vorcaro reached an agreement to acquire Banco Máxima — a struggling institution that had nearly failed in 2016 — from Saul Sabbá, who had been restricted from banking by the Central Bank. Regulatory approval came in 2019, and by 2021 the bank was rebranded as Banco Master.

Under Vorcaro, the bank’s net worth exploded from R$200 million to R$4.7 billion between 2019 and 2024. Its credit portfolio grew from R$1.4 billion to R$40 billion.

By 2024, assets were valued at up to US$16 billion. Vorcaro’s lifestyle matched the numbers: a private Falcon 7X jet, an US$85.2 million waterfront estate in Miami, a US$3 million birthday party for his daughter, and a R$280 million property in Trancoso, Bahia.

How the Fraud Worked

The CDB Pyramid

Banco Master attracted 1.6 million creditors by offering Bank Deposit Certificates (CDBs) at up to 130% of the CDI rate — far above what any legitimate bank could sustain. The key selling point: these deposits were insured by the FGC (Fundo Garantidor de Créditos), Brazil’s deposit insurance fund, up to R$250,000 per investor.

Customers believed they were getting high returns with zero risk.

In reality, the money raised through CDBs was funneled into illiquid assets, distressed company turnarounds (Oi, Gafisa, Light S.A., CVC Brasil, Ambipar), judicial payment orders (precatórios), and — most critically — fictitious credit portfolios.

The Ghost Portfolio Scheme

A shell company called Tirreno was used to generate fabricated credit receivables. These fake portfolios were then sold to state-owned Banco de Brasília (BRB) for over R$12 billion — without proper documentation or valuation — to make Banco Master appear financially sound enough for BRB to acquire it.

BRB’s own internal analysis in June 2025 flagged alarming details: companies with R$10,000 in share capital were being used as R$30 million in collateral backing R$341 million in credit notes. Leadership proceeded anyway.

The Credcesta Payroll Scam

More than 250,000 “ghost” consignado (payroll) loan contracts were issued with no evidence of borrower authorization. An INSS regulatory change in 2022 — issued just 16 days after Banco Master’s formal lobbying request — enabled Banco Master’s Credcesta product to grow 2,500%, from 104,800 contracts in 2022 to 2.75 million by 2024.

Complete Timeline: 2016 to April 2026

2016–2021: Origins

• 2016: Banco Máxima nearly collapses.
• 2018: Daniel Vorcaro acquires the bank from Saul Sabbá.
• 2019: Central Bank President Roberto Campos Neto approves the transfer of control. The bank was already on a confidential watchlist for problematic lending.
• 2021: Bank rebranded as Banco Master. Vorcaro’s brother-in-law Fabiano Zettel acquires Justice Dias Toffoli’s family stake in the Tayaá luxury resort for approximately R$20 million.
• 2021–2024: Banco Master accumulates R$2.8 billion in foreign exchange transactions with One World Services, a US crypto trader later linked to PCC and Hezbollah money laundering.

2022–2024: Growth and Warning Signs

• 2022: INSS rule change enables Credcesta explosion. Banco Master pays R$543 million to 91 law firms between 2022 and 2025.
• 2023: Banco Master posts R$532 million profit with 28% return on equity. Funding costs soar at 120% of CDI.
• 2024: Central Bank grows increasingly concerned. By January 2025, the bank is already in a liquidity crisis.
• December 2024: Campos Neto calls Vorcaro to an emergency meeting demanding a capital injection. Separately, Vorcaro meets President Lula privately, with Central Bank President Galípolo present. Former Finance Minister Guido Mantega arranged the meeting.

March 2025: The BRB Acquisition

On March 28, 2025, BRB announced it would acquire 58% of Banco Master for R$2 billion. The deal was backed by Federal District Governor Ibaneis Rocha, who anticipated R$800 million in dividends.

Critics immediately called it a public bailout of a private bank. Former President Michel Temer and former Supreme Court Justice Ricardo Lewandowski were engaged to represent Vorcaro’s interests.

Mid-2025: Investigation and Rejection

• April 2025: Prosecutors open investigation. Vorcaro reportedly meets Justice Alexandre de Moraes in Campos do Jordão.
• June 2025: A court blocks the acquisition. BRB’s internal analysis identifies “heterodox” lending practices. Of R$30.5 billion in assets eventually acquired, R$11.8 billion is later classified as non-performing.
• September 2025: The Central Bank rejects the BRB-Master acquisition. BRB President Paulo Henrique Costa is removed. Total transfers between BRB and Master: R$16.7 billion.

November 17, 2025: The Collapse

On the morning of November 17, Banco Master announced its sale to Fictor Holding for R$3 billion. At 7:19 a.m., Vorcaro sent a WhatsApp message to Justice Alexandre de Moraes: “I’ve been scrambling to try to save things.

Any news? Were you able to get information or block?” Moraes responded with three self-deleting messages.

That afternoon, Vorcaro’s lawyers filed an emergency petition to block precautionary measures — 18 minutes after a judge had already signed the arrest warrant under seal. Evidence showed Vorcaro had illegally accessed Federal Police and prosecution databases.

By 10 p.m., Federal Police launched Operation Compliance Zero and arrested Vorcaro at Guarulhos airport as he boarded his private jet, reportedly bound for Dubai.

The next day, Central Bank President Galípolo ordered the extrajudicial liquidation of Banco Master and three subsidiaries. The bank held only R$4.8 million in available Treasury securities against R$48.6 million in immediate CDB maturities — just 10% of needed cash.

December 2025 – March 2026: The Scandal Expands

• December 2025: Justice Toffoli imposes maximum secrecy on the case. Vorcaro’s US$85.2 million Miami estate is discovered. A US bankruptcy court recognizes the Brazilian liquidation.
• January 2026: Two Bolsonaro-era Central Bank officials are suspended for accepting bribes from Vorcaro, including a Disney World trip. BRB faces losses approaching US$1 billion. Federal Police announce a R$12 billion fraud.
• February 2026: Justice Toffoli steps aside after revelations about his family’s financial ties to Vorcaro. Justice André Mendonça takes over.
• March 4, 2026: Mendonça orders Vorcaro rearrested. Operation Compliance Zero Phase 3 launches with 15 arrest warrants. R$22 billion in assets frozen. Evidence reveals Vorcaro ran a surveillance group called “The Crew” and plotted a violent attack on journalist Lauro Jardim.
• March 6, 2026: The scandal reaches a second Supreme Court justice — Alexandre de Moraes. His wife’s law firm held a R$129 million contract with Banco Master.
• March 24, 2026: Mastercard absorbs approximately R$2.5 billion in losses from Banco Master’s fintech subsidiary Will Bank.

April 2026: Where Things Stand Now

• April 3: BRB schedules an extraordinary shareholder meeting for April 22 to vote on a capital increase of up to R$8.8 billion.
• April 8: Central Bank President Galípolo testifies to the Senate CPI, revealing Master was in crisis since January 2025 and held only 10% of needed cash on liquidation day.
• April 9: Investigation reveals Banco Master’s political payments soared 27-fold from 2023 to 2025, totaling R$65.8 million — including R$18.4 million to Henrique Meirelles, R$14 million to Guido Mantega, and R$10 million to Michel Temer.
• April 10: BRB receives a R$15 billion offer from an unnamed fund for its Master-acquired assets.

Banco Master Timeline: April to October 2026

The case has produced a new development almost every week since the first edition of this guide. We list the main events by month, with the court, agency or media report each one rests on.

April to June 2026

• 14 April: The Senate inquiry committee on organised crime (CPI) rejects the final report of rapporteur Alessandro Vieira by 6 votes to 4, and it ends without a final text (Agência Senado).
• 22 April: BRB shareholders approve a capital increase of up to R$8.81 billion (US$1.8 billion). BRB had still not published its 2025 accounts, due on 31 March (Agência Brasil).
• 4 May: Justice Flávio Dino holds a public hearing at the Supreme Court on why regulators did not act sooner on Master, and he cites earlier statements by the acting head of the securities regulator CVM (CNN Brasil).
• 7 May: Phase 5 of Operation Compliance Zero: Justice André Mendonça authorises 10 search warrants and one temporary arrest warrant and freezes R$18.85 million (US$3.8 million).
• 14 May: Phase 6: seven arrest warrants and 17 search warrants in São Paulo, Rio de Janeiro and Minas Gerais, and Vorcaro’s father, Henrique Vorcaro, is arrested (Agência Brasil).
• 20 May: The Federal Police reject Vorcaro’s first plea-deal proposal as inconsistent (Times Brasil).
• 21 May: Senate president Davi Alcolumbre refuses an opposition request to read out the petitions for a joint parliamentary inquiry into Master, saying it is not the priority of the moment (Congresso em Foco).
• 26 May: Phase 8: ten searches in Rio de Janeiro and Brasília, including the home of former Rio governor Cláudio Castro and former managers of the state pension fund Rioprevidência, over investments of R$3.6 billion (US$0.7 billion) in Master products (Agência Brasil). A search is not an accusation of guilt.
• 28 May: A Supreme Court settlement overseen by Justice Luiz Fux clears the way for an FGC loan of up to R$6.5 billion (US$1.3 billion) to support BRB, with no federal guarantee, and the FGC still has to approve it (Folha de S.Paulo).
• 9 June: BRB’s president tells a Senate committee that R$21.9 billion (US$4.4 billion) of about R$30 billion in Master deals remain on BRB’s books (Estadão).
• 10 June: The Federal Police reject Vorcaro’s second plea-deal proposal, handed over in early June, and the prosecutor general’s office (PGR) follows on 15 June (CNN Brasil).

June 2026

• 18 June: Phase 9 of Operation Compliance Zero: 18 search warrants authorised by the STF in Bahia, São Paulo and the Federal District. A search warrant is not an accusation of guilt.
• 25 June: Justice André Mendonça, the case rapporteur, refuses house arrest for Vorcaro and orders his transfer to the “Papudinha”, a Military Police battalion in Brasília (Correio da Manhã).

July 2026

• 9 July: Phase 10 of Compliance Zero: two search warrants in a probe into a social-media campaign against the central bank’s credibility (CNN Brasil).
• 17 July: BRB ends the sale of R$15 billion (US$3 billion) of Master assets to Quadra Capital (Poder360).
• 23 July: Mendonça authorises an inquiry into transfers from Vorcaro to the film “Dark Horse”, a biopic of former president Jair Bolsonaro (O Povo).

August 2026

• 26 August: The Federal District governor meets central bank president Gabriel Galípolo, and the FGC rescue loan for BRB is still unsigned (Soubrasília).
• 28 August: Vorcaro testifies to the Federal Police for almost four hours and again signals interest in a plea deal (Agência Brasil).

September 2026

• 1 September: Mendonça lifts secrecy on a Federal Police report on Vorcaro’s phone. It says 52 messages went from Vorcaro to a number saved as “Alexandre de Moraes”, with no replies recovered, and it mentions a Master contract worth about R$129 million to R$131 million (about US$26 million) with the law firm of Moraes’s wife. Moraes denies receiving the messages.
• 2 September: Mendonça confirms a meeting with Vorcaro in March 2025 (BBC Brasil).
• 3 September: The central bank orders the liquidation of two securities firms, Trustee DTVM and Banvox DTVM, that Times Brasil links to Master, and counts 17 liquidations this year, 11 of them with a Master link.
• 9 September: Mendonça approves a plea deal with a Vorcaro operator over transfers connected to the “Dark Horse” film (G1).
• 10 September: Operation Make Up, led by the Federal Police with authorisation from Justice Flávio Dino, searches targets linked to parliamentary funds sent to the institute behind the film (Estadão).
• 10 to 11 September: A Federal Police report cited by Revista Piauí raises the hypothesis that Justice Dias Toffoli is the beneficial owner of a fund that received R$35 million (US$7 million) from Vorcaro, but says the evidence is not yet sufficient for conclusions. Toffoli’s office denies changing any vote (CNN Brasil).
• 11 September: Mendonça orders a formal Federal Police inquiry into the “Dark Horse” payments, in which Senator Flávio Bolsonaro, now a presidential candidate, is investigated. He had been drawn into the investigation on 22 July (Agência Brasil).
• 12 September: Fachin centralises the Master cases in the court president’s office, and requests for release from Vorcaro and other defendants have not been decided since (CNN Brasil).
• 15 September: An extraordinary STF session on the Moraes report decides only whether to join or separate the cases involving Moraes and Mendonça. Dino asks for time, up to 90 days, and the court takes no decision on the report itself.
• 25 September: The Federal Prosecutors’ Superior Council votes 5 to 4 not to investigate prosecutor general Paulo Gonet over alleged closeness to Vorcaro (Poder360).

October 2026

• 4 October: First round of the presidential election: Flávio Bolsonaro 47.03% and Lula 45.16% of valid votes, according to the electoral court (TSE).
• 13 October: CNN Brasil reports that phone conversations of Vorcaro and a business partner mention six Supreme Court justices and at least two judges of the Superior Court of Justice, and that the Federal Police reports on them are being prepared. Fachin and the police director met for about 90 minutes that day (Agência Brasil).

The BRB Crisis: A State Bank on the Brink

Banco de Brasília (BRB), controlled by the Federal District government, is the state bank that bought the most Master assets. BRB itself says it needs R$8.8 billion (US$1.8 billion) in provisions, and its shareholders approved on 22 April a capital increase of up to R$8.81 billion.

On 17 July BRB ended the sale of R$15 billion (US$3 billion) of Master assets to Quadra Capital. A Supreme Court settlement of 28 May cleared the way for an FGC loan of up to R$6.5 billion (US$1.3 billion), without a federal guarantee, and the loan was still unsigned on 26 August.

BRB had still not published its 2025 accounts at the last count we found. The bank also manages about R$30 billion (US$6.0 billion) of court deposits for five courts, in Bahia, the Federal District, Alagoas, Paraíba and Maranhão.

The FGC Bailout: R$40 Billion and Counting

Brazil’s deposit insurance fund, the FGC, has made its largest payout in history: R$50.3 billion (US$10.0 billion) by 13 July 2026, according to the fund’s latest count. That includes R$40.0 billion (US$8.0 billion) for Banco Master and its affiliates, paid to 718,100 savers, R$5.75 billion for Will Bank and R$4.50 billion for Banco Pleno.

The total Banco Master conglomerate exposure reaches R$51–52 billion.

Brazilian banks are now discussing major reforms: risk-weighted contribution structures, a ban on using FGC coverage as a marketing tool, stricter CDB distribution rules, and enhanced asset quality standards for insured funding.

Supreme Court Connections: Toffoli and Moraes

Justice Dias Toffoli

Toffoli took the Banco Master case to the Supreme Court, imposed maximum secrecy, and attempted a controversial Christmas-period deposition. A decades-long friend of one of Vorcaro’s lawyers, Toffoli traveled with him on a private jet to the Copa Libertadores final in Peru — after the bank’s liquidation.

The most damaging revelation: Vorcaro’s brother-in-law Fabiano Zettel’s investment chain was traced to a R$20 million payment to Toffoli’s family company for a stake in the Tayaá luxury resort. Toffoli recused himself in February 2026.

Justice Alexandre de Moraes

His wife Viviane Barci de Moraes’ law firm held a R$129 million contract with Banco Master — R$3.6 million per month for 36 months. Two of his children also work at the firm.

WhatsApp messages from Vorcaro’s seized iPhone show him asking Moraes on the morning of the arrest whether he had managed to “block” something. Moraes replied with self-deleting messages.

The Prosecutor General archived the investigation request, citing insufficient evidence — a decision widely criticized.

The Political Web: From Centrão to the Presidential Palace

The scandal touches all three branches of government simultaneously. An investigation by O Globo and InfoMoney revealed that Banco Master’s political payments soared 27-fold between 2023 and 2025, totaling R$65.8 million:

• Henrique Meirelles (former Finance Minister): R$18.4 million
• Guido Mantega (former Finance Minister): R$14 million — and arranged the private Vorcaro-Lula meeting
• Michel Temer (former President): R$10 million
• Alexandre de Moraes’ wife’s law firm: R$129 million contract
• 91 law firms: R$543 million total (2022–2025)

President Lula met Vorcaro privately in December 2024 and has since called the bank’s failure “a R$40 billion scam,” blaming Bolsonaro and former Central Bank chief Campos Neto. The Bolsonaro camp is equally exposed: Campos Neto approved Vorcaro’s 2019 acquisition, and his appointees accepted bribes.

Vorcaro’s suspended plea deal is described as the “doomsday” scenario — sources say it would implicate figures from both the Lula and Bolsonaro camps.

On 13 May 2026 The Intercept Brasil published an audio message in which Senator Flávio Bolsonaro asked Vorcaro for R$134 million (about US$27 million, at the central bank rate of R$5.01 per US$ on 13 October) to finish “Dark Horse”, a biographical film about his father, former president Jair Bolsonaro. About US$10.6 million was reportedly paid in six transfers between February and May 2025, and Flávio Bolsonaro says it was private financing with no favour offered in return.

In August 2024 Senator Ciro Nogueira filed Amendment 11 to PEC 65/2023, a constitutional amendment bill, which would have raised the FGC deposit guarantee from R$250,000 (about US$50,000) to R$1 million (about US$200,000) per depositor. The Federal Police say Banco Master’s advisers wrote the text and that the version filed in the Senate reproduced it in full.

Nogueira denies the allegations, including that he received monthly payments from Vorcaro. The Senate rapporteur, Plínio Valério, rejected the amendment in May 2026 as unrelated to the bill, so it did not advance.

PCC and Organized Crime Links

Federal Police have identified links between Banco Master and entities investigated for laundering money for the Primeiro Comando da Capital (PCC), Latin America’s largest criminal organization. Between 2018 and 2021, Banco Master processed R$2.8 billion in foreign exchange transactions with One World Services, a US crypto trader later connected to PCC and Hezbollah money laundering networks.

Police identified four criminal units within the Banco Master operation: a financial structuring unit, an institutional corruption unit targeting Central Bank officials, a money laundering operation allegedly connected to the PCC, and an intelligence network that may have had advance access to police operations.

What It Means for Investors and Brazil’s Financial System

The Banco Master collapse has sent shockwaves through Brazil’s financial system. Covington & Burling called it “Brazil’s most significant corruption scandal since Operation Car Wash.” The IMF issued a rare warning about financial stability risks, and Austin Rating warned of an elevated sovereign risk premium.

Key market impacts include:

• FGC depleted by one-third — banks now paying higher contributions
• BRB shares down 20.5% in 2026 while the Ibovespa has risen
• Mastercard absorbed R$2.5 billion in losses from Will Bank
• 18 public pension funds invested R$1.8 billion in Master securities
• CDB market reform now on the Central Bank’s formal regulatory agenda

April 2026: The Investigation Escalates

Galípolo Clears Campos Neto at CPI (April 8-10)

Central Bank president Gabriel Galípolo testified before the CPI do Crime Organizado on April 8, stating he found no evidence of wrongdoing by predecessor Roberto Campos Neto during the events leading to Banco Master’s liquidation. Campos Neto himself skipped the hearing for the third time despite a formal summons, relying on STF protections to remain absent — frustrating CPI members who wanted to question him about a Planalto meeting involving the bank.

CPI Rejects Its Final Report (April 14)

The Senate’s Organized Crime CPI voted 6 to 4 on 14 April to reject rapporteur Alessandro Vieira’s final report, which had cited regulatory failures by both the Central Bank and CVM. The rejected report had documented R$65 million (US$12.3 million) in payments to firms linked to former ministers and ex-president Michel Temer between 2023 and 2025.

Senate President Alcolumbre did not extend the CPI, so the inquiry closed without a final text.

BRB President Arrested for R$146.5 Million in Vorcaro Bribes (April 16)

In the most dramatic development yet, Brazil’s Federal Police arrested former Banco de Brasilia (BRB) president Paulo Henrique Costa at his home in the fourth phase of Operação Compliance Zero. STF Justice André Mendonça authorized the preventive detention after investigators traced R$146.5 million in bribes from Daniel Vorcaro, laundered through the purchase of six luxury properties in São Paulo and Brasília.

The investigation found that Costa and BRB’s then-CFO Dário Oswaldo Garcia Júnior knowingly purchased R$12.2 billion in fraudulent credit portfolios from Banco Master in June 2025, despite having detected “relevant inconsistencies.” BRB’s current president estimates the bank needs R$8.8 billion in provisioning.

Lawyer Daniel Monteiro, who structured the bribe laundering, was arrested simultaneously in São Paulo.

What Prediction Markets Say

Prediction markets let traders buy contracts that pay US$1 if an outcome happens, so a price of 24 cents reads as a 24% chance. On 14 October 2026 at 03:48 Eastern time, Polymarket gave 23.5% to the market “Alexandre de Moraes out as Brazil Supreme Court Justice?” (US$172,366 traded).

Why we show this: prediction markets turn real-money bets into a live probability that moves within minutes of the news, which is why investors, campaigns and newsrooms in the United States now follow them closely. We show them next to polls and official results, never instead of them.

These prices are bets, not findings of any court, and nothing in the case says a justice must leave.

What Comes Next

Several decisions will shape the case in the coming weeks.

• Release requests: The Supreme Court has not yet ruled on Vorcaro’s request for release.
• The Moraes report: Justice Dino has until December to return the case to the plenary, and the court has not ruled on the report’s validity.
• The cited justices: The Federal Police reports on the justices cited in phone conversations are being prepared, according to CNN Brasil.
• BRB: The FGC rescue loan still has to be signed, and BRB’s 2025 accounts were unpublished at the last count we found.
• Vorcaro’s plea deal: The Federal Police and prosecutors have rejected his proposals so far, and we found no report of an indictment.
• The election: The winner of the 25 October runoff will take office on 5 January 2027.

What Is Not Known

There is no official total for the fraud. We also do not know what the Federal Police reports say about each justice cited in the phone conversations.

Being cited in a report does not mean a person broke the law, and nobody has been convicted in the Master case so far. We will update this guide when a court or the Federal Police publishes new findings.

For the latest coverage, follow our ongoing Banco Master reporting, our guide to the 25 October runoff and our Brazil fintech guide for the new rules.

Frequently Asked Questions

What happened at Banco Master?

Brazil’s central bank liquidated Banco Master on 18 November 2025, and by 13 July the FGC deposit insurer had paid R$40.0 billion to 718,100 Master savers. Its owner, Daniel Vorcaro, was arrested under Operation Compliance Zero.

Who is Daniel Vorcaro?

Daniel Vorcaro, born in 1983 in Belo Horizonte, is the owner of Banco Master and the central figure in the case. He has been in custody since 4 March 2026, and we found no report of an indictment.

Is Daniel Vorcaro still in jail?

Yes. Justice André Mendonça refused house arrest on 25 June 2026 and moved him to a Military Police battalion in Brasília, and his request for release has not been decided.

How much did the Banco Master scandal cost?

By 13 July the FGC had paid R$50.3 billion (US$10.0 billion), of which R$40.0 billion was for Master itself and the rest for Will Bank and Banco Pleno. There is no official total for the fraud.

Why is Banco Master linked to the Supreme Court?

CNN Brasil reports that phone conversations of Vorcaro and a business partner mention six of the court’s ten justices. Being cited is not an accusation, and the court has decided nothing on the substance.

Sources: Banco Central do Brasil, liquidation notices for Banco Master, Trustee DTVM and Banvox DTVM; Supreme Federal Court (STF), decisions and news on Operation Compliance Zero; Fundo Garantidor de Créditos (FGC), payment updates, 2026; Agência Brasil, FGC payments and Operation Compliance Zero; CNN Brasil, Vorcaro testimony of 28 August 2026 and STF cases, October 2026; Poder360, BRB sale to Quadra, 17 July 2026, and MPF council on Gonet, 25 September 2026; Correio da Manhã, Vorcaro transfer, 25 June 2026; Mineiro plea deal, September 2026; Federal Police reports on justices, October 2026; Aos Fatos, STF crisis timeline, September 2026; Global Restructuring Review, Banco Master liquidator in Cayman, 17 July 2026; Times Brasil, central bank liquidations in 2026; Banco Central do Brasil, PTAX exchange rate, 13 October 2026; Polymarket, Alexandre de Moraes out as Brazil Supreme Court Justice; Kalshi, Will Alexandre de Moraes leave Brazil’s Supreme Court; Aos Fatos, Dark Horse payments, 2026; Federal Senate, PEC 65/2023, Amendment 11; Boca, Senate rapporteur rejects the amendment, 12 May 2026.