The Comissão de Valores Mobiliários (CVM) disclosed a list of internal processes related to Banco Master and Reag, institutions liquidated by the Banco Central after police operations against financial frauds. There are eight processes with formulated accusations and six in the investigation phase, but no judgments have been scheduled for 2026 due to the understaffed board of the agency.
The CVM disclosed on Tuesday (24) a list of internal processes involving Banco Master and Reag, liquidated by the Banco Central after Federal Police operations against frauds in the financial system. Of the listed processes, eight already have formulated accusations and six are in the investigation phase. Not all are related to the operations that led to the arrest of former banker Daniel Vorcaro, owner of Master, who now serves monitoring with an electronic anklet.
Vorcaro is the target of a 2020 process regarding irregularities in the issuance and distribution of investment fund quotas involving Master and Viking Participações, which awaits judgment. The CVM did not disclose details of the accusations. In one process accessed by Folha, Reag and its former owner, João Carlos Mansur, are accused of overvaluing shares of the former Besc (Banco de Santa Catarina) in investment funds; this case also awaits judgment.
The reporting of this process was assigned to former CVM director Otto Lobo, whose term ended in December, but who was nominated by President Luiz Inácio Lula da Silva (PT) to preside over the board and awaits Senate hearing. Of the listed processes, six already have a defined rapporteur and await scheduling for judgment.
With only two of its five directorates occupied, the CVM has not scheduled any judgments in 2026. The minimum quorum for judgments is three directors, and although superintendents can substitute, the agency prefers to wait. This unprecedented vacancy raises concern, especially amid financial market turmoil and billion-dollar losses to the Fundo Garantidor de Crédito (FGC) caused by the scheme between Master and Reag.
In testimony to the Senate on Tuesday, the interim president of the CVM, João Accioly, described the Banco Master scandal as a "perverse alignment of incentives between managers and investors" to maintain an "accounting fiction." He stated: "It was a fool me that I like." Accioly explained that this allowed issuing Certificados de Depósito Bancário (CDB) and appearing solid to the Banco Central when it was not.
Most of the processes under investigation refer to Reag and were opened from 2025 onward, after a police operation against PCC activities in the fuels sector. They investigate indications of irregularities in the operation of investment funds, infractions in operations by Ambipar controllers, and the corporate reorganization of GetNinjas.
