Associate of liquidated Brazilian lender Banco Master's owner dies, lawyers say

RiddleMaster · 2026-03-07T16:35:30+00:00

Luiz Phillipi Mourao, associated with Banco Master's owner, died following a suicide attempt amid investigations into the bank's collapse. The scandal has unveiled extensive corruption and conflicts of interest in Brazil's financial institutions.

RiddleMaster

2026-03-07 16:35:30

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SAO PAULO, March 7 (Reuters) - Luiz Phillipi Mourao, an associate of lender Banco Master’s owner Daniel Vorcaro, died on Friday night, according to a statement ‌released by his attorneys on Saturday.

Mourao was declared brain dead after a suicide attempt, police said on Wednesday, when he was among those arrested in the latest phase of the investigation involving the liquidated ⁠Master.

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Master, which held under 1% of Brazil’s banking assets, was liquidated in November due to what the central bank called a severe liquidity crisis, sharp financial deterioration and serious rule violations.

The investigation into the lender’s unraveling has exposed a network of influence and conflicts of interest shaking trust in some of Brazil’s most powerful ‌institutions.

Vorcaro ⁠was arrested on Wednesday, accused of bribing two central bank officials and also plotting to attack and intimidate people he perceived as acting against his interests with Mourao, whom he ⁠called “Sicario” after the hit men employed by Mexican cartels.

Vorcaro’s lawyers said they denied the allegations, and they expected to demonstrate “the ⁠regularity of his conduct.”

Minas Gerais state civil police said on Saturday that Mourao’s body was sent to ⁠forensic scientists for examination and would be released to his family after tests are completed.

Reporting by Rodrigo Viga Gaier; Writing by Oliver Griffin Editing by Tomasz Janowski

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