STF Minister Dias Toffoli returned an MPF denunciation against businessman Nelson Tanure to the Federal Court of São Paulo, over allegations of insider trading at Gafisa. Toffoli ruled there is no link to Banco Master investigations. The first-instance judge accepted the denunciation and declared Tanure a defendant.
Toffoli's Decision
On Tuesday, January 28, 2026, STF Minister Dias Toffoli returned to the 5th Federal Criminal Court of São Paulo a denunciation filed by the Ministério Público Federal (MPF) against businessman Nelson Tanure. The charges involve insider trading in the acquisition of incorporator Upcon by constructor Gafisa, between 2019 and 2020.
Toffoli, the rapporteur for Banco Master investigations at the STF, stated in his order that there is no connection between the Gafisa case and probes into the bank owned by Daniel Vorcaro, described as Tanure's financial arm. The denunciation had been sent to the STF just over a week earlier, at the end of December 2025.
Acceptance of the Denunciation
Upon returning to first instance, Judge Maria Isabel do Prado accepted the denunciation and declared Tanure a defendant. According to the MPF, Tanure and businessman Gilberto Benevides engaged in insider trading to inflate Upcon's market value. They allegedly made financial moves, including a R$150 million capital increase in Upcon days before the valuation, boosting its value by nearly 1,400%.
At the time, Tanure was a major Gafisa shareholder and board member since April 2019. Benevides controlled Upcon. The operations involved offshores in tax havens and the Singular Plus fund to hide stakes and secure guarantees.
Defense Response
Tanure's defense called the denunciation 'rushed.' Lawyer Pablo Naves Testoni stated in a note: "Businessman Nelson Sequeiros Rodriguez Tanure regrets once again the hasty denunciation presented by the Ministério Público Federal and is certain that the facts will be clarified in the course of the process."
The lawyers note that the Comissão de Valores Mobiliários (CVM) found no illegality in the deal, the Federal Police delegate found no crime indications, and the transaction was discussed by Gafisa shareholders. Tanure, an investor in companies like Prio, Dia, and Gafisa, was targeted by PF searches in Operation Compliance Zero in January 2026, which probes Banco Master for fraudulent management, market manipulation, and money laundering.
The case proceeds in São Paulo's court, without immediate ties to the STF's Master investigations.
