Daniel Vorcaro

The Termópilas investment fund, main shareholder of Super Empreendimentos and linked to banker Daniel Vorcaro, held a remote assembly on November 16, 2025, to adjust amortization and redemption rules for resources. The meeting took place one day before Vorcaro's arrest by the Federal Police, amid probes into frauds at Banco Master. No public evidence of actual redemptions exists, but the regulatory change raises questions about financial movements during that time.