Banco Master founder Daniel Vorcaro discussed hiding his link to Bet.Bet after Brazil’s Finance Ministry asked for the ultimate beneficiary

New messages recovered from Daniel Vorcaro’s phone show the Banco Master founder and former legal chief Luiz Rennó discussing how to distance Vorcaro from Bet.Bet after the Ministry of Finance demanded identification of the fund’s ultimate beneficiary. For high-risk operators and their PSPs, the point is plain: if the regulator asks who really owns the money, paper structures are only as good as the people coordinating them.

1. According to a Valor report, the exchanges took place between the end of September and the beginning of October 2024 and were recovered by the Federal Police from Vorcaro’s phone. Rennó told him, “You can’t appear and we’ll have to inform who the ultimate beneficiary is!” and later added: “You have to disappear from there.”
2. Vorcaro indirectly held 30% of Bet.Bet through Bet Participações, whose partner was the FIP (Fundo de Investimento em Participações) Oracle, managed by Reag, which was placed into extrajudicial liquidation by the Central Bank. After the Finance Ministry’s demand, documents submitted to the ministry listed Adriano Garzon Correa, a dispatcher from Nova Lima (MG) and Vorcaro’s partner in other companies, as a quota holder in Oracle.
3. On Thursday, 27/9, Rennó warned Vorcaro about the regulatory pressure: “In the Oracle fund we need to change the ultimate beneficiary because the Ministry of Finance wants to know who it is!” He then asked whether Vorcaro had a replacement in mind or whether he should find “someone trusted.” The next day, he was more direct: “We need to remove the ultimate beneficiary — just tell me who you’d like to put in and I’ll handle it.” He also said a bank account would need to be opened at another institution, and saw it as inconvenient if it were opened at Reag or Banco Master.
4. The messages also show Vorcaro referring to the business as “this bet of ours” in July 2024, before the platform launched, and saying it was already generating R$ 5 million per day. He wrote: “This bet of ours”, “Bet.bet”, “Hasn’t even launched yet”, “It’s making 5mm per day.”
5. Financing was discussed too. On Tuesday, 15/10, Rennó proposed funding the stake through convertible debentures, and a week later confirmed receipt of the security issuance. On Tuesday, 28/10, he pushed for the transfer of funds: “Debenture is ready! Now you just need to transfer the funds.” In November, the messages moved on to the compliance requirements.