A liquidator for Banco Master SA has filed a lawsuit in Florida seeking to recover luxury condominiums linked to the failed Brazilian bank’s former president, Daniel Vorcaro. The complaint accuses Vorcaro’s ex-wife and two affiliated businesses of holding properties allegedly purchased and maintained with money diverted from bank funds. The claims have not been adjudicated.
Key takeaways
- The lawsuit was filed Oct. 23 in the US Bankruptcy Court for the Southern District of Florida.
- It names Fabíola de Almeida Macedo Vorcaro and two businesses affiliated with her.
- The liquidator seeks to recover condominiums at the Mansions at Acqualina in Sunny Isles Beach.
- The complaint alleges the real estate was acquired and maintained with money siphoned from Banco Master; the available report does not describe a court ruling.
What the lawsuit seeks
The liquidator’s case focuses on luxury condominium properties at the Mansions at Acqualina, a development in Sunny Isles Beach, Florida. The complaint seeks to bring the real estate back into the pool of assets available for recovery as Banco Master’s liquidation proceeds.
The defendants are Vorcaro’s former wife and two affiliated businesses. The reported allegations concern both the purchase and upkeep of the properties, which the liquidator says were funded with money taken from the bank.
The allegations and their status
The suit is part of an effort to trace and recover assets that the liquidator alleges were obtained using Banco Master funds. The claims are allegations in a civil proceeding, not established findings of wrongdoing. The available account does not provide the defendants’ response or further details about the amounts involved.
Broader recovery dispute
The Florida filing extends the bank’s asset-recovery efforts beyond Brazil and puts high-value real estate at the center of the latest dispute. Recovering the properties, if the liquidator succeeds, could add assets to the pool being pursued for Banco Master’s creditors.
The case is pending in federal bankruptcy court in South Florida. Its outcome will depend on the evidence and the court’s assessment of the liquidator’s claims and the defendants’ positions.
- Banco Master Liquidator Lodges New Suit Over Luxury Florida Home, Bloomberg Law News.