Brazilian authorities trace US$1 billion in offshore funds linked to former banker Daniel Vorcaro after operator's plea deal

Brazilian federal prosecutors have secured a plea bargain from Carlos Freixo Junior, the operator who managed offshore accounts for former banker Daniel Vorcaro, shedding light on a network that moved roughly US$1 billion abroad. According to O Globo, Freixo Junior, known as Mineiro and owner of the Grupo Entre, administered offshores whose total assets amounted to about US$1 billion, all of which belonged to Vorcaro.

Authorities say the Grupo Entre was directly involved in channeling resources from the now‑liquidated Banco Master overseas to maintain financial structures benefiting Vorcaro. Part of the funds was routed through Mineiro to Mosaic Financial, which then transferred the money to Vorcaro’s offshore entities.

Investigators have also traced approximately US$200 million that returned to Brazil since the end of last year, coinciding with Vorcaro’s first arrest and the liquidation of Master. Sebastião Monteiro, the liquidator of Banco Master, filed a document in a Florida bankruptcy court identifying Mosaic as part of an offshore network used to launder these resources and asked the court to freeze the assets. Monteiro said he wants to know the final recipients of the funds, noting it is implausible the money was used solely for licit assets and that the likely beneficiaries were Vorcaro himself or individuals he may have corrupted.

The plea deal also revealed that Vorcaro supplied US$12 million at the request of Flávio Bolsonaro to allegedly finance the film “Dark Horse”. That amount was transferred to a fund managed by a friend of Eduardo Bolsonaro.

The case underscores the ongoing scrutiny of Vorcaro’s financial dealings and the use of offshore vehicles to move funds linked to the collapsed Banco Master.