Vorcaro in the US: what Banco Master's liquidator is asking a Florida court for

The US case

When Brazil's Central Bank liquidated Master on November 18, 2025, the liquidation was put in the hands of EFB Regimes Especiais de Empresas, represented by Eduardo Félix Bianchini (Times Brasil, The Rio Times). On December 10, 2025, the liquidator asked the US Bankruptcy Court for the Southern District of Florida to recognize the Brazilian liquidation under Chapter 15 of the US Bankruptcy Code, which deals with foreign proceedings (Jones Day).

Chief Judge Scott M. Grossman granted recognition on January 8, 2026, over the sole objection, filed by Vorcaro. The order allowed the liquidator to investigate the bank's US assets and transactions. In January and February, the liquidator issued 28 subpoenas to art dealers, luxury retailers, banks and other entities, and to Vorcaro (Jones Day).

Vorcaro asked for the subpoenas to be quashed or narrowed, arguing they were overbroad and should exclude his personal affairs. On April 6, 2026, the judge denied most of the request. He wrote that this kind of examination “permits a thorough investigation” that may reveal even “whether wrongdoing has occurred”, and that the liquidator did not have to show beforehand that assets had been hidden. A subpoena to Bank of New York Mellon was limited under a distance rule (Jones Day). According to Jovem Pan, an appeal by the defense was denied in May (Jovem Pan).

The main case is No. 25-24568-SMG, in Fort Lauderdale. The two October suits are adversary proceedings within it (Jovem Pan, The Rio Times).

The property suit

On October 7, 2026, the liquidator filed adversary proceeding 26-01362 against Clear River Properties LLC and Goldbeach Properties LLC, Delaware companies listed as the owners of the homes. According to the complaint, the purchases were made in cash, with no mortgage (Times Brasil, The Rio Times).

Sources: Times Brasil, The Rio Times

The liquidator asks the court to recognize the three homes as assets of Master's estate. Failing that, it wants at least US$77 million from Clear River and at least US$92.5 million from Goldbeach. It also asks the court to bar any sale while the case is pending and to appoint a receiver for the homes (Times Brasil, The Rio Times). Brazilian reports put the total at about R$843 million; the figure depends on the exchange rate used.

The money trail, according to the liquidator

The complaint describes how, in the liquidator's account, the bank's money reached the Delaware companies:

• More than US$430 million went to the Mosaic Short Duration Fund in The Bahamas between 2023 and October 2025 (Times Brasil, The Tribune (Bahamas)).
• A loan agreement for up to US$350 million, dated April 9, 2024, linked the fund to Mosaic Group, which passed money on to the companies that own the homes (Times Brasil, Metrópoles).
• A US$76 million transfer was made on April 9, 2024, two days before the Aspen purchase (Times Brasil).
• After the liquidation, between December 2025 and March 2026, about US$37.5 million still went to Clear River and Goldbeach (Times Brasil, Jovem Pan).

In all, according to Metrópoles, the liquidator says more than R$2.15 billion left Master for other countries (Metrópoles). The complaint also mentions the Fortress Legacy Trust, which Jovem Pan describes as linked to the Vorcaro family (Jovem Pan).

The second suit: an aircraft sale

According to Jovem Pan, a second adversary proceeding, 26-01351, concerns about US$42 million in proceeds from the sale of an aircraft. The defendants are PS-MGG Administração de Bem Próprio S.A. and Insured Aircraft Title Services, which were served on October 5 and have until November 4 to respond (Jovem Pan). The Rio Times reports this suit but says it has not confirmed it independently (The Rio Times).

What those named say

• Daniel Vorcaro: his lawyers did not respond to Metrópoles and have not commented publicly on the suit. In earlier testimony to the Federal Police, according to Metrópoles, he said he did not own a mansion in Miami and only rented one. The liquidator argues the Aspen lease was a sham, since Vorcaro never paid rent and was never charged (Metrópoles, The Rio Times).
• Clear River and Goldbeach: have not commented, and it is not known who represents them (The Rio Times).
• Mosaic Financial (The Bahamas), which is not a defendant: its president, Robert Jensen, told The Tribune that “our reputation is spotless” and that “we were victims of the Banco Master scandal”. He called the suit “purely tactical”, asked for the US case to be paused until Brazil's Supreme Court clarifies the liquidator's powers and said “the liquidator does not represent the public interest in Brazil” (The Tribune (Bahamas)).

In The Bahamas

According to The Tribune, the Supreme Court of The Bahamas placed the Mosaic Short Duration Fund in receivership and appointed Jerome Gomez as receiver. On October 8, 2026, the court also heard a winding-up petition for another fund, FAEX Fund Ltd., through which about US$1.6 billion allegedly passed (The Tribune (Bahamas)).

Next steps

• November 4: response deadline in the aircraft suit (26-01351) (Jovem Pan).
• November 9: response deadline for Clear River and Goldbeach in the property suit (26-01362) (Jovem Pan).
• After that: the judge may rule on the sale ban and the receiver before deciding whether the homes belong to the estate. As of October 11, there was no seizure order (Jovem Pan).

What this means for Master's creditors

Whatever the liquidator recovers goes into the liquidation estate, which pays creditors in the order set by law. That matters for anyone who held more than the FGC limit: the amount above R$250,000 becomes a claim in the liquidation, with no guaranteed timing or value. See how it works on the Banco Master FGC guarantee page.

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