EntrePay founder Freixo to be questioned in Brazil’s Master case as investigators trace funds tied to Dark Horse

The hearing is part of the court’s review of Freixo’s plea deal, where judges check, among other things, whether the decision to cooperate was made voluntarily. For high-risk payment people, the interesting bit is not the politics of the film: it is the path of the money, the intermediaries used, and the fact that a payment institution in the chain was later liquidated by the Central Bank.

1. Freixo, owner of Entre Investimentos e Participações and former CEO of the Entrepay group, is expected to explain how funds linked to Daniel Vorcaro moved through companies in the Entre group and into the United States. Investigators say those companies were used to intermediate transfers intended for the production of Dark Horse, a film about former president Jair Bolsonaro.
2. The investigation is trying to establish how much of the money was actually used to finance Dark Horse, how much remained abroad, and where the funds ultimately ended up. The cooperation deal may also produce documents and other evidence that can be matched against the financial movements already identified in the case.
3. The money is said to have gone from the structure linked to Freixo’s group to the Havengate Development Fund in the United States. The fund managed amounts earmarked for the project and made transfers to Go Up Entertainment, the production company responsible for Dark Horse. Havengate counts Paulo Calixto, a lawyer linked to former congressman Eduardo Bolsonaro, among its administrators.
4. One of the open questions is whether all of the money sent to the United States was actually applied to the film or whether part of it went elsewhere. That part of the trail depends on cooperation with U.S. authorities, which is the kind of cross-border dependency that can turn a simple settlement flow into a months-long forensic exercise.
5. EntrePay, which was part of Freixo’s group and had authorization from the Central Bank to operate as a payment institution, was liquidated by the Central Bank this year. Separately, the press reported this week that Daniel Vorcaro made an additional transfer of US$ 1.6 million to Dark Horse in September 2025, days after Flávio Bolsonaro allegedly pressed for overdue installments.

By the time the reported September 2025 transfer is added, the case already includes six earlier transfers — two of US$ 2 million and four of US$ 1.6 million — that had been reported by The Intercept Brasil in May this year, for a total of R$ 61 million. For PSPs and acquirers, the practical takeaway is simple: once funds move through multiple entities, jurisdictions, and a liquidated payment institution, reconstructing beneficial use becomes the real product, whether anyone calls it that or not.