The liquidator of Brazil’s Banco Master, EFB Regimes Especiais, is widening its search for assets linked to former banker Daniel Vorcaro and his associates in the United States. On August 6, the liquidator’s lawyers submitted three subpoenas to the US Bankruptcy Court for the Southern District of Florida, targeting the law firms Greenberg Traurig, Rennert Vogel Mandler & Rodriguez and VMM Law. The aim is to obtain contracts, property deeds and the full money trail used to purchase three real‑estate holdings.
Through the subpoenas, the liquidator expects to receive the names of account holders, business partners, email and message exchanges related to the purchases, as well as details of the banks involved and the SWIFT codes used in the transactions.
Three companies have been identified as the vehicles for the purchases. Their combined fiscal appraisal values total US$4.15 million (approximately R$21.2 million). Fiscal appraisal values in the US are typically below market price and are used for property‑tax calculations.
The first company, Flora Paramount Properties LLC, acquired a unit in the Miami World Center development, located in Miami’s financial district. Fiscal records show the unit is valued at US$515,500 (about R$2.6 million). The company is represented by Reinaldo Hossepian, a former director of Letsbank (which was part of the Master group and liquidated by Brazil’s Central Bank), and Elaine Kelly Hossepian. Hossepian’s defence states the property was bought under a contract signed on January 21, 2018, with payments made during the building’s construction, and that no funds came from his remuneration as a director of Banco Master Investments—a role he assumed on September 14, 2022.
The second company, Ocean Fantasy of Florida LLC, purchased a property valued at US$3.02 million (roughly R$15.4 million) at the Ritz‑Carlton Residences in Sunny Isles Beach, a luxury seaside area south of Florida that also hosts the Trump Towers and Porsche Design Tower. The company’s representatives are Mauricio Quadrado, a former partner of Banco Master, and Denise Quadrado. According to the defence, Quadrado acquired the property in 2019, before joining Banco Master, and the purchase was declared in his Income Tax return; these points have already been clarified to the liquidator.
The third company, Bullspin Ventures LLC, bought a unit in the Reach tower, part of the Brickell City Centre megacomplex in Miami. Fiscal appraisal values the unit at US$616,600 (approximately R$3.2 million). The company is represented by Luiz Antonio Bull, a former director of Banco Master, his relative Daniel Bull, and the accounting consultancy Gretel Perez CPA.
Efforts to obtain a comment from Daniel Vorcaro’s defence via email on August 9 were unsuccessful.
The liquidator, represented by the law firm Sequor Law, has compiled a list of 17 individuals and entities linked to Vorcaro and the Banco Master circle, including Mauricio Quadrado, Luiz Antonio Bull and Reinaldo Hossepian. The list also features Titan Capital Holding, a company registered in the Cayman Islands that has served as a primary vehicle for Vorcaro’s overseas asset acquisitions.
The law firms named in the subpoenas have until September 3 to produce the requested documents, which should cover the period from January 2018 to the present.
Previous reporting by Folha de S.Paulo indicates that the liquidator has already traced other assets held abroad by companies and investment funds linked to Banco Master. Since the start of 2026, EFB Regimes Especiais has secured authorization from a US court to locate the bank’s assets in the United States. In one such search, the liquidator uncovered the purchase of artworks through entities such as Old Fort Financial (later renamed Mosaic Financial) and Artress Ltd., both based in the Bahamas, and the Kodiak Trust Company, registered in Alaska.