Banco Master Liquidator Says R$62 Million for Bolsonaro Film Was Not Sponsorship

The R$62 million that Daniel Vorcaro directed to "Dark Horse," a biopic about Jair Bolsonaro, did not come from Banco Master sponsorship funds, according to a liquidator's statement sent to Brazil's Chamber of Deputies. Folha's Mônica Bergamo column published the document. The origin of the money remains unknown.

What the Liquidator Told the Chamber

Eduardo Bianchini, liquidator of Banco Master's estate, wrote that after consulting the records of the institutions he represents, no documents, accounting entries or contracts were found showing operations to finance, sponsor or contribute funds to the film, either directly by the institutions in liquidation or through third parties. He also said no records were found of operations between those institutions and Havengate Development Fund LP tied to the production.

Bianchini was answering a request for information from federal deputy Lindbergh Farias of the PT-RJ. Flávio Bolsonaro, a presidential candidate who asked Vorcaro for the money, has said the funds were a sponsorship carried out through a private transaction, but he has not presented a contract formalizing it. His press office said he only sought the sponsorship from Vorcaro and did not take part in making the payments or receive information on how they were made.

How the Federal Police Traced the Payments

Federal Police traced the disbursements to Entre Investimentos, run by Antonio Carlos Freixo Junior, who acted as a money changer for Vorcaro. Where the money given to him for that purpose came from has not been clarified.

In a plea bargain, Mineiro said Fabiano Zettel, Vorcaro's brother-in-law and identified by the Federal Police as the financial operator of Banco Master's frauds, asked him to send the money to the United States. Mineiro said Zettel told him Entre Investimentos would need to act as an offshore investor and that the operation was an investment in a private equity fund for real estate development in the United States, especially Texas and Florida, tied to the company of Paul Carlos, also named as Paulo Calixto. Mineiro said he was not told the funds were for a film or biopic and would never have accepted an operation with that purpose because of the reputational risk to his companies.

Banco Master's Collapse and Its Fallout

Banco Master was a Brazilian multi-entity banking group that offered credit, investment, brokerage and digital banking through Banco Master, Will Bank, Banco Letsbank and Master CCTVM, serving about 800,000 depositors before its November 2025 Central Bank-ordered liquidation amid an R$11.5 billion fraud scheme, according to akta.pro company records.

The same records show the Central Bank placed Will Financeira S.A. into extrajudicial liquidation in January 2026, citing compromised economic and financial conditions and insolvency linked to the parent lender's collapse, and extended liquidation proceedings to Banco Pleno S.A. in February 2026. The Fundo Garantidor de Créditos disbursed R$51.8 billion to investors holding securities issued by Banco Master, Will Bank and Banco Pleno, with the total estimated cost at approximately R$55 billion.

Earlier Developments in the Master Inquiry

On October 10, 2026, pegn reported that Banco de Brasília began discussing acquiring Banco Master at a January 2025 meeting in Zurich, attended by DF Governor Ibaneis Rocha and Vorcaro, according to reports the Federal Police sent to the Supreme Federal Court. On October 8, 2026, pegn reported that Banco Master raised funds by selling high-yield CDBs that attracted clients because they were protected by the FGC within its guarantee limits. On October 7, 2026, InfoMoney reported that Central Bank President Gabriel Galípolo testified to the Federal Police in the Master bank fraud inquiry.

Next Steps for Banco Master

On September 30, 2026, pegn reported that the Federal Police had planned to close its first inquiry into Banco Master's frauds by September, but the STF crisis delayed it, and that Vorcaro and his father were to testify about the 'Turma' group that threatened adversaries, including journalists.