US EditionBrazil Supreme Court to Discuss Ethics Code as Justices Embroiled in Multibillion-Dollar Scandal
The new Code of Ethics aims to enhance judicial transparency, prevent conflicts of interest, and strengthen public trust, announced by STF President Edson Fachin.
- On January 21, 2026, Brazil's Central Bank ordered the extrajudicial liquidation of Will Financeira SA after Mastercard suspended Will Bank cards for missed settlement obligations.
- Regulators said liquidation followed failed market rescue efforts after Banco Master, Will's controller, was liquidated in November and Mastercard blocked collateral since last year.
- FGC reports payouts of R$40.6 billion to about 800,000 Master investors and added R$6.3 billion, raising the final impact to R$46.9 billion.
- A liquidator has suspended operations and begun mapping assets, while customers will be compensated by the Credit Guarantee Fund though contracts, loans and credit cards remain enforceable.
- Investigators say the scheme involves alleged trading of non-existent securities, with triangulations totalling about $2.1 billion linked to Reag and dozens of partners and executives arrested as Finance Minister Fernando Haddad warned of historic fraud.
22 Articles
22 Articles
brazilian financial system is quite taxable and solid, strengthening specialists
Brazil’s Central Bank Liquidates Will Bank As High-Yield Funding Model Unravels
Key Points Brazil’s central bank liquidated Will Financeira after its controller, Banco Master, collapsed under special administration. A missed obligation inside Mastercard’s arrangement led to a block that cut off cards and sped up the run. Allegations around high-yield funding and complex “triangulations” are now stressing Brazil’s deposit guarantee system. A modern bank can die […]
The Banco Master case: The $2 billion fraud probe that is shaking Brazil
A shock of still-unmeasurable proportions. That is what has been caused by the scandal at Banco Master, a Brazilian mid-sized bank until recently known for its attractive promises. But for the past few months, it has been in the eye of a financial storm. Its rapid growth, fueled by products far more appealing than the market average, ended with its liquidation last November and the arrest of its president, Daniel Vorcaro, as he attempted to flee…
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