CVM rejects settlement proposal with Master

The board of the CVM (Securities and Exchange Commission) rejected a multimillion-dollar settlement proposal on Tuesday (2) to end the case against Banco Master and its controller, Daniel Vorcaro, targeted in an operation investigating financial crimes. Also targeted by the CVM are Viking Participações, owned by Vorcaro, Entre Investimentos, and its controller, Antônio Carlos Freixo Júnior. Altogether, the accused offered to pay R$ 21.3 million to settle the case, which involves the issuance of Brazil Realty fund shares in 2018. This is the second attempt by the accused to reach an agreement. The proposal had already been rejected in May by two CVM directors, the former president João Pedro Nascimento and Marina Copola, but the process had been suspended at the request of João Acioly, the director. The CVM technical area recommended accepting the agreement, claiming that the proposal ‘is adequate and sufficient to discourage similar practices.’ In the previous proposal, rejected in 2024, the accused had offered R$ 13.8 million.