Federal Justice orders release of Daniel Vorcaro, owner of Banco Master

The TRF-1 (Federal Regional Court of the 1st Region) decided on Friday (28) to overturn the detention of executive Daniel Vorcaro, owner of Banco Master. Desembargadora Solange Salgado ordered that he be released under house arrest with electronic monitoring. In addition to the ankle monitor, Vorcaro must periodically appear in court, cannot have contact with other suspects, cannot leave the municipality where he lives, will not have his passport returned, and is prohibited from engaging in financial activities. The judge also extended the decision to the other detainees in Operation Compliance Zero: Augusto Ferreira Lima, former CEO and partner; Luiz Antônio Bull, director of Risks, Compliance, HR, Operations, and Technology; Alberto Felix de Oliveira Neto, executive superintendent of Treasury; and Ângelo Antônio Ribeiro da Silva, partner. The banker was arrested by the Federal Police on the 17th, around 10 pm at Guarulhos International Airport, where he was planning to travel to Dubai for business deals. Vorcaro was taken to a cell at the Federal Police headquarters. On the following Monday (24), the banker was transferred to a prison in Guarulhos. Operation Compliance Zero was launched the day after his arrest, focusing on combating the issuance of fake credit securities by financial institutions within the National Financial System. The crimes being investigated include fraudulent management, reckless management, criminal organization, among others. The Federal Police carried out five preventive detention warrants, two temporary arrest warrants, and 25 search and seizure warrants, as well as other precautionary measures, in the states of Rio de Janeiro, São Paulo, Minas Gerais, Bahia, and the Federal District. According to CNN Brasil, the Federal Police monitored Vorcaro and anticipated his arrest to prevent him from fleeing. Following new facts and documentation provided by Vorcaro’s defense in requests for reconsideration, Desembargadora Salgado concluded that there were no longer grounds for maintaining the extreme personal precautionary measure, and replaced the preventive detention with other precautionary measures. While acknowledging the severity of the crimes and the large financial amount involved, Salgado deemed robust precautionary measures necessary to prevent repeated misconduct, uphold economic order and criminal prosecution, and prevent the risk of flight. On the 25th, the executive’s defense submitted new evidence to the court, claiming that the Central Bank knew about the institution’s sale to Grupo Fictor and that he was traveling to Dubai to finalize the agreement. The lawyers argued that Vorcaro informed the Central Bank of his trip on November 17 in a virtual meeting with directors and officials from the Central Bank. The video conference took place from 1:30 pm to 2:10 pm and was recorded in the director’s official agenda. Shortly after, Vorcaro was arrested at Guarulhos Airport. Despite being immediately released, Salgado emphasized that if Vorcaro or the other suspects violate any of the conditions, the benefit will be immediately revoked. The judge also noted that, despite the justifications for the arrests, the offenses did not involve violence or serious threats to individuals, and there was no demonstration of significant dangerousness or current risk to public order that would justify the maintenance of the extreme measure of preventive detention.