US EditionBrazil’s central bank shuts down $16-billion bank following federal fraud investigation
Authorities seized assets and arrested six executives after uncovering a 12 billion reais fraud involving risky bond transactions and reckless bank management, officials said.
- Brazil's government shut down Banco Master, worth up to $16 billion in assets, following a federal fraud investigation.
- The bank faced liquidity problems and is now under control of a government-appointed administrator, with clients and creditors seeking to recover money.
- Brazil's federal police uncovered a $2 billion fraud involving bonds with high interest rates and arrested six people, seizing assets.
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The Seattle TimesBrazil’s central bank shuts down $16-billion bank following federal fraud investigation
SAO PAULO (AP) — Brazil’s government on Tuesday shut down Banco Master, a bank worth up to $16 billion in assets, following a sprawling federal police fraud…
Associated Press News
Brazil's central bank shuts down $16-billion bank following federal fraud investigation
Brazil's government has shut down Banco Master, a bank with assets worth up to $16 billion, following a federal police fraud investigation.
Banco de Brasília came under scrutiny after being cited in an investigation by the Central Bank and the Federal Police for possible fraudulent operations related to Banco Master, in a figure that could exceed R$ 12 billion.
The Brazilian authorities are preparing a financial bailout following the collapse of a small private bank for an alleged fraud that could reach $2.2 billion.The Central Bank of Brazil ordered the liquidation of the Master Bank on Tuesday due to a "serious liquidity crisis" and violations of regulations.In parallel, the police arrested the owner of that investment bank, Daniel Vorcaro, and other executives, during an investigation of alleged unb…
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