Liquidator Traces $79.5M Gulfstream G700 Bought with Banco Master Funds, Resold Twice After Banker's Arrest

EFB Regimes Especiais, the liquidator of Banco Master, filed a petition on October 2, 2026, in a U.S. bankruptcy court tracing the funding trail behind the purchase of a Gulfstream G700 jet, serial number 87039, worth US$79,440,900, which investigators say was bought with funds diverted from Banco Master's treasury by banker Daniel Vorcaro.

The petition states that 100% of the acquisition funds were withdrawn from Banco Master's treasury and converted into U.S. dollars through the bank's account at JPMorgan Chase in New York, then routed to Gulfstream Aerospace. The funds passed through a network of investment funds, including Fundo Astralo, Fundo Máxima and FIP Lunar, and shell companies including Entre Investimentos e Participações Ltda. and Super Empreendimentos, which investigators describe as conduits with no legitimate commercial purpose. In December 2023, the company Domus, formerly known as Prime Aviation 2, signed the purchase contract for the new aircraft. Investigators say Domus was a special-purpose vehicle controlled by Vorcaro, whose formal ownership was held by Entre Investimentos, itself controlled by Antônio Carlos Freixo Júnior, known as "Mineiro," identified as a co-conspirator who has since signed a plea agreement. Vorcaro used the jet for personal travel to destinations including Miami and Sardinia.

The aircraft was delivered and registered in June 2025 in Brazil's aeronautical registry under PS-MGG Administração de Bem Próprio S.A., a company within a fractional-ownership structure controlled by Vorcaro. On November 6, 2025 — 11 days before Vorcaro's arrest and 12 days before Brazil's Central Bank ordered Banco Master into liquidation — the aircraft's tracking transponder was switched off. The jet was subsequently found hidden in a private hangar at Basel-Mulhouse-Freiburg Airport, on the border between France and Switzerland.

While the liquidator was pursuing U.S. court-approved discovery proceedings, PS-MGG sold the Gulfstream G700 to Jetcraft Global (UK) Limited on December 31, 2025, for US$86 million. On February 17, 2026, Jetcraft resold the aircraft the same day to Flexjet LLC for US$87.5 million. Flexjet transferred the funds to a custodial account managed by Insured Aircraft Title Services (IATS) in the United States, which forwarded at least US$42 million to PS-MGG, leaving approximately US$42 million still held in the account. The liquidator obtained emails between Flexjet and Jetcraft in which both parties acknowledged that the jet beneficially belonged to Vorcaro and that the sale was occurring amid the Banco Master liquidation scandal. Vorcaro's legal team declined to comment.

In its petition, EFB Regimes Especiais asks the court to impose a protective mechanism and equitable lien over the approximately US$42 million still held in the IATS account to prevent its dissipation. It also seeks to annul the fraudulent transfers under Brazilian insolvency law — Lei nº 11.101/2005 and Lei nº 6.024/1974 — and applicable U.S. state laws, and to order PS-MGG to pay damages and disgorge unjust enrichment from its participation in the asset-dissipation scheme.

Cross-border asset recovery in business aviation runs into the same obstacle in case after case: an aircraft can change registries, hangars and owners of record faster than insolvency proceedings can move through courts in a different jurisdiction. A single jet routed through funds, shell companies and a fractional-ownership vehicle, then resold twice within seven weeks, illustrates how thin the paper trail can become even when the underlying asset never physically disappears.

High-value jet transactions typically rely on custodial escrow accounts, such as the one IATS held here, precisely because title and lien questions can surface after closing — and that mechanism is now the point of leverage the liquidator is trying to use, since roughly US$42 million remains parked there rather than fully disbursed. The emails showing Flexjet and Jetcraft both knew the jet beneficially belonged to Vorcaro during an active liquidation scandal will likely shape how courts assess good-faith-purchaser defenses in this matter.

What happens next depends on how the U.S. bankruptcy court rules on the requested equitable lien over the IATS funds and on whether Brazilian insolvency law can be applied to unwind transfers that touched U.S. state law along the way. Mineiro's plea agreement is the other thread worth watching, since cooperating testimony from a named co-conspirator could directly corroborate the ownership chain the liquidator is asking the court to recognize.