A Brazilian senator has confirmed he held a face-to-face meeting with a controversial banker following the financier’s arrest and subsequent release under electronic monitoring conditions.
Senator Flavio Bolsonaro made the admission on Tuesday regarding his encounter with Daniel Vorcaro, whose failed financial institution Banco Master collapsed amid fraud investigations. Vorcaro was initially detained last year before being released with monitoring equipment, then imprisoned again in March on charges of corrupting a former central bank official.
The senator’s connection to the disgraced banker came under public examination after The Intercept Brasil news outlet published details of their relationship last week. Master bank was shut down permanently in November during ongoing probes into questionable lending practices.
The senator, who holds right-wing political views and harbors presidential aspirations, has maintained that his association with Vorcaro centered solely on securing funding for a documentary about his father, former President Jair Bolsonaro. He characterized the arrangement as a straightforward investment without any reciprocal political benefits.
During Tuesday’s media briefing, the senator explained that his late 2025 meeting with Vorcaro aimed to terminate their business discussions once the banker’s alleged misconduct became widely known.
“I did go to meet him to put an end to the matter and to say that if he had told me the situation was as serious as it was, I would have looked for another investor much earlier,” Flavio Bolsonaro told reporters.
The revelation has sent shockwaves through Brazilian financial markets, with investors concerned the scandal could influence the outcome of this year’s closely contested presidential election.
Recent polling data shows Brazilian President Luiz Inacio Lula da Silva has gained a seven-point lead over the senator in the first major survey conducted since the banker controversy emerged. Previous polls had shown the two candidates running essentially even.
