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Brazilian Senator Flavio Bolsonaro confirmed on Tuesday that he personally met banker Daniel Vorcaro after the Banco Master owner was arrested in 2025 and later released under electronic monitoring. The revelation has intensified political pressure on the right-wing senator as Brazil’s financial markets and presidential race react to the growing scandal.
Flavio Bolsonaro, son of former Brazilian President Jair Bolsonaro, has faced criticism since investigative outlet The Intercept Brasil reported his connections to Vorcaro last week. Daniel Vorcaro, owner of the failed Banco Master, was arrested again in March over allegations that he bribed a former Brazilian central bank director. Banco Master collapsed in November following investigations tied to fraudulent loan portfolios and financial misconduct.
During a press conference, Flavio Bolsonaro stated that his relationship with Vorcaro was limited to discussions about financing a film project centered on his father. According to the senator, the agreement was strictly an investment arrangement and did not involve political favors or influence.
Bolsonaro explained that the meeting with Vorcaro in late 2025 was intended to formally end their negotiations after the banker’s legal troubles became widely known. He told reporters that had he understood the seriousness of the accusations earlier, he would have sought another investor much sooner.
The controversy has triggered uncertainty in Brazil’s financial markets, with investors and traders closely monitoring the political fallout ahead of the presidential election. Analysts believe the scandal could significantly impact voter sentiment in what is shaping up to be a highly competitive race.
Recent polling data shows Brazilian President Luiz Inacio Lula da Silva opening a seven-point lead over Flavio Bolsonaro following the reports linking the senator to Vorcaro. Earlier surveys had indicated the two candidates were virtually tied, making the latest development a potentially decisive moment in Brazil’s political landscape in 2026.
