Flávio Denies Laundering Claim 6 Days Out

BRAZIL · ELECTIONS · JUSTICE

The newspaper O Estado de S.Paulo (Estadão) revealed on Sunday, 18 October that a Federal Police report sent to Brazil’s Supreme Federal Court raises a suspicion of money laundering in the relationship between presidential candidate Flávio Bolsonaro and the Brasília lawyer Willer Tomaz. Jovem Pan, Metrópoles and other Brazilian outlets say they confirmed the story, while Flávio and Tomaz deny any wrongdoing.

It matters outside Brazil because the runoff on Sunday, 25 October will pick the next president of Latin America’s largest economy, and the allegation surfaced in the last week of the campaign. No source reviewed reports a charge against Flávio, and the formal status of the case is itself disputed.

Flávio is a senator for Rio de Janeiro and the candidate of the conservative Liberal Party (PL), the party of his father, former president Jair Bolsonaro. He faces President Luiz Inácio Lula da Silva of the left-wing Workers’ Party (PT), after a first round on 4 October in which the electoral court counted about 47% of valid votes for Flávio and about 45% for Lula.

What the Police File Alleges

Excerpts of the Federal Police report, quoted by the news site g1 and by Estadão, say the account-opening papers of Alcazar Holding, a company in which Tomaz is a partner, showed Flávio with a “master user” profile that gave him, in principle, a high level of access and control. An e-mail dated 22 May 2025 asked for his access to be removed, which the police read as a sign that he stayed tied to the account, at least operationally, until that date.

Flávio’s campaign and Tomaz both deny sharing a bank account, and they argue that the e-mails do not prove a financial relationship. The police also list trips by Flávio paid for by Cathedral, a holding company linked to Tomaz, along with records of parties, meetings and personal documents of the senator stored in Tomaz’s cloud account.

On the betting side, the police point to signs of de facto control by Tomaz of Rede Loto, the first betting company to win a state licence from Rio de Janeiro’s lottery regulator, Loterj, and of a second Rio operator, RioPag, according to g1. One account linked to Tomaz moved about R$130 million (about US$25.7 million) from March to May 2025, and the police say the origin and destination of the funds need a closer look.

What Flávio Bolsonaro and Tomaz Say

Flávio’s note calls the link a friendship between families and any hint of irregularity “mere conjecture” with no basis in the facts. It adds that he never held an account in which Tomaz or any of his companies was the master user, and that the claims surface in the election period with the single aim of spreading “Fake News”.

Tomaz says Rede Loto never operated as a betting platform, that Cathedral is only an asset-holding company and that no money moved between the companies named. He calls the use of his phone and e-mail data a “fishing expedition” aimed at manufacturing political scandals.

In a second statement to Metrópoles on 19 October, six days before the runoff, Tomaz said he had no access to the file and learned of it from the press, and that his lawyers have asked for access. He also said every company he holds is lawful and declared in his tax return, and Metrópoles reports that he declared a 24% stake in Cathedral Holdings, a Madeira-registered company that is the sole shareholder of Rede Loto.

Where the Case Stands

Estadão and g1 say the file reached the Supreme Court on 8 October and that Justice Alexandre de Moraes, one of the court’s 11 justices, was drawn as rapporteur, and g1 adds that the Prosecutor-General’s Office backed opening an investigation. CNN Brasil, by contrast, says the case was distributed to the court on Friday, 16 October and is run by the Federal Police unit against money laundering and currency evasion.

As relayed by Poder360, Flávio’s campaign told Estadão that the papers sent by the police have not been turned into an inquiry, that there is no opinion from the Prosecutor-General’s Office and no court decision, and that he is not under investigation at the court in this case. Jovem Pan and Metrópoles describe an inquiry already under way, so the formal status of the case remains unsettled.

Brazil’s Constitution says senators are tried by the Supreme Federal Court, which is why the file went up from a first-instance court in Rio Grande do Sul. The Prosecutor-General’s Office decides whether to bring a criminal charge, and money laundering carries three to ten years in prison and a fine under Law 9.613 of 1998.

Who Willer Tomaz Is

Tomaz is a Brasília lawyer, and both he and Flávio describe their tie as a friendship between families. On Tuesday, 4 August the Supreme Court’s news service reported that Justice André Mendonça had authorised searches against nine people, and at law offices linked to Tomaz, in a new phase of Operation Sem Desconto.

That operation is a Federal Police investigation of unauthorised deductions from pensions and retirement payments, and the court’s service named senator Weverton Rocha of the Democratic Labour Party (PDT) as the suspected beneficiary of the laundering in that case, without mentioning Flávio. Tomaz said that day, according to Metrópoles, that he is not under investigation in the operation and that the search followed from his owning an aircraft Rocha used.

For the earlier flights story, see our report Bet Firm Tied to 3 Flávio Bolsonaro Flights. It rests on newspaper accounts of police records about private-jet flights used by Flávio and reports no charge against him.

CartaCapital and Metrópoles report that Flávio is also under a separate Supreme Court inquiry, led by Justice André Mendonça, into the financing of the film Dark Horse about his father, which involves money associated with Daniel Vorcaro, the former owner of Banco Master. Flávio denies irregularities in the film’s financing, and CartaCapital says he describes it as private sponsorship.

What It Means for You

For US investors holding Brazilian shares, bonds or funds, the runoff is the main political event of the month, and a fresh allegation against one of the two candidates can move prices before any court acts. Treat the story as an allegation drawn from police excerpts that both men deny, not as a legal finding.

A police investigation does not remove a candidate from the ballot: under Brazil’s Clean Record Law, a money-laundering conviction by a court panel or a final ruling is what makes someone ineligible. The runoff therefore goes ahead on Sunday, 25 October, and no court date for this case has been published.

What Prediction Markets Say

Polymarket’s winner market gave Flávio Bolsonaro about 76% and Lula about 23.5% at 7:58 p.m. ET on Monday, 19 October, and the overall Brazil election event has drawn about US$188 million in bets. Flávio’s price slipped from 80.0% at 3 p.m. ET on Sunday to about 76% on Monday evening, a window that also holds the candidates’ debate, so the data cannot isolate the effect of this story.

Polymarket prices are bets, not polls, and a price of 76 cents reads as a 76% chance. The live prices from the platforms update below.

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.

What Is Not Known

The Federal Police report and the case file have not been published, so every detail here comes from excerpts printed by newspapers and from statements by the people involved. It is not known whether the case is already a formal inquiry, whether the Prosecutor-General’s Office has given an opinion, or why outlets give different dates.

It is not known whether Flávio ever used the Alcazar account, what the R$130 million (about US$25.7 million) that passed through one Tomaz account was for, or who paid for each trip. No court has ruled on any police suspicion, and Tomaz’s lawyers say they have not yet seen the file.

What Comes Next

The next public steps to watch are a move by Moraes or the Prosecutor-General’s Office, what Tomaz’s lawyers say once they see the file, and any further excerpts before the vote. No date has been announced for any of them.

Brazil votes on Sunday, 25 October. Conversions here use the Friday 16 October closing rate of 5.0627 reais per US dollar.

Frequently Asked Questions

Is Flávio Bolsonaro charged with a crime?

No source reviewed reports a charge against him. A charge would have to come from the Prosecutor-General’s Office, and a trial of a senator would take place at the Supreme Federal Court.

What does the Federal Police report allege?

Excerpts printed by newspapers say the police found signs of a close relationship between Flávio and lawyer Willer Tomaz, a bank-account profile in Flávio’s name, trips paid for by a company linked to Tomaz and signs that Tomaz controls the betting firm Rede Loto. Flávio and Tomaz deny any wrongdoing.

Can the case keep Flávio off the 25 October ballot?

No court has barred him, and under Brazil’s Clean Record Law a money-laundering conviction by a court panel or a final ruling is needed to make a candidate ineligible. The runoff against Lula is set for Sunday, 25 October.

Who is Willer Tomaz?

He is a Brasília lawyer whom Flávio calls a family friend, and law offices linked to him were covered by search orders on 4 August in Operation Sem Desconto, a pension-fraud investigation. He says he is not under investigation in that operation and that his companies are lawful and declared.

How are prediction markets reacting?

Polymarket gave Flávio about 76% and Lula about 23.5% on 19 October, and those are bets, not polls. The data cannot show how much of Flávio’s slide since Sunday comes from this story.

Sources: Supreme Federal Court news service, 4 August 2026; Superior Electoral Court, first-round result, 5 October 2026; Superior Electoral Court, date of the second round, 17 October 2026; Constitution of Brazil, articles 53, 101 and 129 (Chamber of Deputies compiled text); Law 14.600 of 2023, article 35 (Presidency of the Republic); Law 9.613 of 1998; Complementary Law 64 of 1990; Jovem Pan, 19 October 2026; Metrópoles, Demétrio Vecchioli column, 19 October 2026; Metrópoles, 18 October 2026; Metrópoles, Operation Sem Desconto targets and Tomaz statement, 4 August 2026; CartaCapital, 18 October 2026; CNN Brasil, 18 October 2026; Folhamax, relaying g1, 19 October 2026; PB Agora, relaying g1, 19 October 2026; Painel Político, 19 October 2026; BossaNews, relaying Estadão, 19 October 2026; Poder360, relaying Estadão, 19 October 2026; World Bank, GDP 2024; Polymarket price data, 19 October 2026, 7:58 p.m. ET. All opened on 19 October 2026.

Editorial responsibility: Matthias Camenzind, Editor-in-Chief · Editorial standards · Report an error