Prime You, the floor above.

In one sentence: Prime You is the ownership layer for the luxury assets of people who would rather not appear as their owners, and one of that layer's clients was the controlling shareholder of Banco Master. The sentence is harsh, but the first half is the company's own. Introducing itself to the Federal Police, it says it "leads the market as the most substantial and diversified asset-sharing operation in South America", with "more than 45 special-purpose companies incorporated and managed". The second half is also in the record: Viking Participações, Daniel Vorcaro's personal holding company, is "a quotaholder of PS-MAS Administração de Bens Próprios S.A., one of the more than forty S.P.E.s named as clients of Prime You, and the owner of a Helicopter". That was written by Prime You's own lawyer, in November 2025, days after the first phase of Operation Compliance Zero.

The rest of this dossier is what the public registries add to those two sentences. And it is a good deal.

PrequelWhere Banvox's money came from, and who stayed out

Before an execution of R$ 470 million came knocking at the door of Prime You's SPEs, there was a holding company, seven debenture issues and an investor whom the Federal Police calls a "hidden partner" of Banco Master. This prequel tells that story through the registries, and ends with a surprise: the famous investor is not in the issue that failed.

Banvox Holding Financeira was incorporated in September 2020 by Daniel Vorcaro and Maurício Antônio Quadrado, with Artur Martins de Figueiredo elected director days later. Between 2020 and 2024 it issued seven series of debentures, nearly all with the same declared purpose: to put capital into the bank the holding company partly controlled. From the second half of 2022 the fiduciary agent was Trustee DTVM, the same one that administers the funds of chapter 6. The debenture-holder meeting minutes of 1 October 2024, filed with the commercial registry, say who was on the other side of the counter. proven

Look at the colours. Three of the four large issues, something like R$ 1.6 billion in face value, were bought by Nelson Tanure's orbit: by Estocolmo FIM, a fund in which Aventti held a position, and by Aventti itself, an English limited liability partnership whose members are Tanure and a Portuguese holding company, whose cash sits at a trust in the Bahamas and whose 2024 accounts, public in the British registry, carry the line "Banvox: US$ 101 million". Tanure's defence, in a filing of June 2026, treats "the debentures not convertible into shares acquired by the Estocolmo FIM fund from Banvox Holding" as a matter of public record; the Federal Police says he "uses the Estocolmo Fund for operations associated with Banco Master and Banvox", and the reporting justice, in the decision that authorised the asset freeze in October 2025, recorded Tanure as a "hidden partner" of the bank, ordering a freeze "in the same volume" as Vorcaro's. proven as to the debentures; allegation as to the "hidden partner", which the defence disputes, pointing among other things to a Federal Police mix-up between two similarly named companies, one belonging to the Vorcaro family and the other to Tanure.

And now the surprise. The issue that failed, the 6th, is the only one not painted yellow. The R$ 400 million of April 2024 were subscribed, "in the proportion of 50% each", by Rezende Barbosa S.A. Administração e Participações and by someone the São Paulo court's decision calls only "Mr. Roberto". It is also the only issue with personal guarantees from the three directors and the only one repaid in instalments, which explains why it alone became an execution when the March and April 2025 instalments went unpaid. Tanure, Aventti, Estocolmo: none of them appears in it. proven

Who Mr. Roberto is, the decision does not say. The Supreme Court record offers a clue, and only a clue. The Federal Police representation of February 2026 records a message of 5 April 2024, the exact date of the 6th issue's deed, in which a Central Bank official reports that "Roberto (Roberto Rezende de Barbosa) has left the Bank (Voiter)" and that "the negotiation was concluded in record time", and speaks of congratulating "one of the bankers on becoming the owner of another financial institution". Voiter, the former Banco Indusval, passed to the Master conglomerate and, in August 2025, to Augusto Ferreira Lima, the third guarantor. Same surname, same date. And the Federal Revenue's public database closes the surname: Rezende Barbosa S.A. Administração e Participações, the plaintiff, is a 1966 holding company with R$ 80 million of capital whose president, since 2001, is Roberto de Rezende Barbosa, of the Nova América sugar-and-ethanol group. Voiter, for its part, now appears in the same database, under the name Banco Pleno, "in extrajudicial liquidation". The reading that the 6th issue was the paper with which the group paid the seller of a bank, with money "destined" to capitalise the buying bank, is a hypothesis: proving it would require the subscription form, which is in the São Paulo court file, and the Central Bank's act on Voiter. inference

What the prequel changes in the reading of chapter 5: Prime You's luxury SPEs answered, in 2025, for an issue in which the case's most famous investor took no part. The issues he did take part in were assigned to another holding company in October 2024 and, as far as the registries show, are not under execution.

On the other side of the counter: Lormont. There is a second vehicle that the commercial registry exposes and that ties together the three threads of this dossier. Lormont Participações, a closely held São Paulo holding company whose shareholders are a fund and a limited company from Tanure's orbit, was converted into a corporation in August 2021 and had, from 17 August 2021 to 29 January 2025, two directors: Artur Martins de Figueiredo, as president, and Luís Fernando de Almeida. They are the same two names that chair Banvox's debenture-holder meetings and run Trustee. Through Lormont, Tanure borrowed serially: a first debenture issue of R$ 171 million in November 2021, guaranteed by Aventti, which refinanced a personal debt of his with BTG; a second, of R$ 453 million, in April 2022, to buy control of the diagnostics chain Alliar; and a commercial note of R$ 2.037 billion in March 2023, with Credit Suisse, in the very week the Swiss bank was collapsing, with Tanure as guarantor. The share capital jumped from R$ 10 thousand to R$ 449 million in 28 months. proven

Who bought Lormont's notes is what closes the circle, and it is in the CVM's public portfolios. The largest creditor is Astralo 95, a multimarket fund that Master's liquidator, in the Florida suit, says received about R$ 2 billion from the bank between 2021 and 2023: it carried 520 Lormont notes, R$ 351 million in January 2026, and for three months, from January to March 2025, carried 2,080, the equivalent of R$ 1.19 billion. A fund administered by Master's brokerage carried Lormont notes classified, curiously, as "agribusiness-linked securities". The Esna and Kyra funds, the same ones from the Ambipar case, held small positions. And a fund called Osaka recorded R$ 425 million in Lormont notes in September 2025 and zero in October, the month before the liquidation. proven as to the portfolios; inference as to what the disappearance means.

Entre Investimentos, from the interlude, comes in here: on 31 December 2024 it paid R$ 244 million in dividends to its sole partner, Freixo's company, and R$ 219.3 million of that was paid not in cash but with a commercial note from Lormont's 9th issue. In other words, a Tanure debt instrument left Entre for Freixo's personal estate. How Entre came to hold that instrument, the registry does not say. proven

And a second shell, called Letônia. The registry file of another company, read last, closes a detail that looked like a typo. In a 2025 amendment to the Tanure group's debentures, Lormont is referred to as "Letônia Participações". It is not a typo: Letônia exists. It was born on 1 November 2024 as SF 879 Participações Societárias S.A., a shelf company with R$ 40 of capital; on 17 January 2025 a shareholders' meeting changed the name to Letônia Participações, moved the seat to Faria Lima and elected two directors, Artur Martins de Figueiredo and Luís Fernando de Almeida; three days later the capital rose to R$ 9.9 million and, the next day, the company issued R$ 40 million in convertible debentures. On 10 April 2025 both were removed and the same Silvio Barreto da Silva who had taken over Lormont in January came in as sole director. It is the machine of chapter 1, now on Tanure's side: a numbered shell, christening and capital in the same week, and the same pair in charge until the changing of the guard in 2025. The shell, moreover, came from a factory: the Federal Revenue database lists 263 numbered "SF" companies, from "SF Fifteen" to "SF 8xx", incorporated since 2015 with token capital, 151 of them with the same founding director; Finlândia Participações, of Figueiredo and Almeida, was born on the same day and from the same batch as Letônia, with R$ 40. proven

Chapter 1The machine, in four movements

Every company in the group is born the same way, and the commercial registry keeps each one's birth certificate. The name is FRACTION followed by a three-digit number and the words "Administração de Bem Próprio S.A." — roughly, "management of its own asset". The capital is one hundred or one hundred and one reais. The company is closely held, which in plain language means: it does not publish who its shareholders are. It has no asset, no value and no name that links it to anyone. It is a numbered shell.

When the asset arrives, a shareholders' meeting is held. A single set of minutes does three things: the money already sitting inside the company as an "advance for a future capital increase", the AFAC of the local jargon, becomes capital; the capital jumps from a hundred and one reais to millions or hundreds of millions; and the company changes its name to the name of the asset. If it is an aircraft, the new name is the registration painted on the fuselage: PT-XGS, PS-MGG, PP-NYM. If it is a boat, the boat's name: Solar, Sapphire 62. If it is a house, the town: Real Estate Duo 002 Angra dos Reis. This was read in 24 sets of minutes, each with a date, and the oldest is from 2018.

The consequence is not a side effect of the model; it is the model. At the end of the cycle the jet is registered to a company whose name points to no one, whose capital reveals no origin, because it came from an advance whose author is not named, and whose owners appear in no public database at all. To name the first shareholder of one of the group's SPEs, we had to order from the registry the full text of a share subscription form from 2014.

Reading rule number one for this dossier: when a public document says "owner: Fraction 053", it is telling the truth and telling you nothing. The name is the floor below. The owner lives on the floor above.

Chapter 2The island in Angra, or the registry left behind

Start with the document that opened this reading: the certificate of land-registry entry 10.707-A, First Registry Office of Angra dos Reis, issued on 27 January 2026. The property is "geometric projection no. 5-B of the Ilha do Jorge condominium", in the municipality's 2nd District: 23.5 metres of sea frontage, 1,266 m² for exclusive use plus 1,018 m² of common area, an undivided share of 0.6535% of an island of 76,000 square metres. It sits on federal foreshore land, with an occupancy registration at the Federal Property Office and a transfer fee payable to the Union on every sale. It is a beach house on a private island.

Record R.09 is the one that matters. On 9 August 2022, PrimeAviation 2 Participações S.A., a closely held corporation based in Alphaville, bought projection 5-B for R$ 2.5 million, "paid in full". The same entry holds a detail that a hurried reading misses: the earlier deed, from 2016, by which the seller had acquired the same property, stated R$ 50,000, and was only taken to the registry in May 2022, three months before the resale at fifty times that price. There is nothing unlawful about selling dear what you bought cheap, and the transfer fee and the property tax were paid on the full amount. But it is the kind of jump a reader of land registries writes down.

The minutes that authorised the purchase are public too. On 29 July 2022, at ten in the morning, the shareholders' meeting of PrimeAviation 2 approved the acquisition "unanimously and without reservations". Chair: Marcus Vinicius da Mata; secretary: Artur Martins de Figueiredo. Shareholder present, and the only one: Entre Investimentos e Participações Ltda. Remember that name. It comes back in chapter 4 and in chapter 7.

Six months later, on 16 January 2023, the same company, the same chair and secretary and the same sole shareholder approved a far larger purchase: the occupancy rights and improvements of Ilha Cunhambebe Mirim, also in Ribeira Bay, 26,700 m², for R$ 45 million in three instalments. An entire, small island, bought by a company whose name was a number.

And here the machine of chapter 1 shows its most concrete side effect. On 22 September 2025, PrimeAviation 2 changed its name to Domus Realty Participações S.A. The commercial registry recorded it. The Angra land registry was not told, or had not been told by January 2026: the certificate still lists the owner as "PrimeAviation 2". Anyone searching the land registry for "Domus Realty" will not find the house. Anyone searching for "PrimeAviation 2" finds the house of a company that, under that name, no longer exists. For a creditor, for a judge trying to freeze the asset, for a parliamentary inquiry, that is an extra week of work, and sometimes it is the difference between finding it and not.

There is more Angra in the group. Three other companies carry the town in their names: Real Estate Duo 002 Angra dos Reis (formerly Fraction 008, renamed in April 2020), Real Estate Duo 004 Angra dos Reis (formerly Fraction 014, January 2021) and Real Estate Solar Island 005 Angra dos Reis (formerly Fraction 035, April 2025). What properties these are, the commercial registry does not say; the land registry will, when somebody orders the entries. And there is a witness statement, in the Supreme Court record, that speaks of a "house no. 4 on Ilha do Jorge in Angra dos Reis" attributed to Vorcaro. Projection 5-B has "plot 04" on its left boundary. They are neighbouring units, not the same one; the statement is a witness's, unconfirmed by any document in the record. It is filed here with that label. claim

Chapter 3The tree of names

Thirty-two company files were read at the commercial registry. Each file gives the name at incorporation on its first page and, further down, the formula that gives the change away: "change of corporate name to X, pursuant to the extraordinary general meeting held on". Put together, they build the tree below: one trunk, Prime You, and four branches, one per class of asset.

The table below is the tree set out in a line, with the date of each christening. Note three things. First: the practice is old, the earliest change is dated 1 July 2018. Second: on 22 September 2025 three companies changed their names at the same meeting, and what disappeared from the registry that day was a brand, "PrimeAviation". Third: the numbering "PrimeAviation 1, 2, 3" was used twice, in 2012 and again in 2024, for different companies. Anyone tracking by name merges companies that are not the same; only the registry number tells them apart.

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Chapter 4Who owns it: the ownership chain, at last with names

A closely held company does not publish its shareholders, but it does publish the minutes of a capital increase, and those minutes say who subscribed. That was the way in. Nine full-text documents, ordered from the registry, answer the question no public database answers.

Read the left-hand column from the bottom up. The G700, a jet worth 500 million reais, belongs to PS-MGG. PS-MGG had its capital subscribed by PrimeAviation 2, today Domus Realty, the same owner of the house on Ilha do Jorge. And Domus had its capital subscribed by Entre Investimentos, represented by Antonio Carlos Freixo Junior, the "shareholder present" in both sets of Angra minutes. The property layer and the aviation layer are not parallel: one is a shareholder of the other. And Entre Investimentos, as chapter 7 shows, is on the list of one hundred names whose bank secrecy the Supreme Court ordered lifted.

In the middle column, the holding company. The court record states, in Prime You's own words, that "Prime Aviation's partners are Marcus Matta and the Patrimonial Blue fund". Patrimonial Blue is a private-equity fund administered by Trustee DTVM, and the monthly portfolios it reports to the securities regulator show common shares of Prime Aviation Participações from June 2019 onwards. In other words: the president's partner is a fund, and the fund is administered by the institution that reappears in every chapter that follows.

In the right-hand column, the only SPE quotaholder Prime You named of its own accord: Vorcaro's Viking, in PS-MAS. With a detail the aircraft registry adds and the court filing does not: the helicopter PS-MAS operates has a foreign legal entity, SFG Aircraft, Inc., as its registered owner. The Brazilian SPE appears only as the operator. Economic ownership and registered ownership, here, do not coincide. inference as to what that means; proven as to what each registry says.

InterludeEntre, which used to be called Arya

In the left-hand column of the chapter 4 drawing there is a name the reader saw go by without stopping: Entre Investimentos e Participações. It is the only shareholder present at the two Angra meetings, it is the one that subscribed R$ 81.36 million of capital in PrimeAviation 2 in August 2024, and it is, by that route, the grandmother of the Gulfstream G700. It deserves an interlude, because Entre has a biography of its own, and it crosses the Banco Master case through three different doors.

The name. Entre was incorporated at the São Paulo commercial registry on 26 March 2018 as Arya Investimentos e Participações, with R$ 10 thousand of capital, two partners, a holding company with R$ 9,999 and an individual with a single one-real share, and Freixo as manager. In July 2018 Cactus, Freixo's company, took the place of the one-real partner; on 5 April 2019 the name changed to Entre Investimentos e Participações and the capital went to R$ 1 million; in May 2020 the holding company left and Cactus remained alone. The one-real partner reappears, seven years later, on the same list of one hundred names under lifted bank secrecy from chapter 7.

The R$ 9,999 holding company. It is called FG Participações S.A., and its registry file, read last, pushes Entre's origin two years back and into another orbit. FG was incorporated on 15 March 2016 with Benjamim Botelho de Almeida as director, whom the January 2026 decision in PET 15.198 describes as "owner and controller of Foco DTVM (currently Sefer Investimentos)", the same Sefer of Nazaré FIP and of the Bahamas fund. From July 2016 to July 2018 FG was run by four people, among them the one-real partner, who today are defendants, alongside Benjamim, the Vorcaro family, Sefer, Viking and Milo, in a criminal action for crimes against the financial system at the 3rd Federal Criminal Court of São Paulo, whose files were sent to the Supreme Court in February 2026. On 31 July 2018, the same day Cactus entered Arya, Freixo took over FG's presidency; he left it in January 2020 to an administrator of the Sefer group, and four months later FG left Entre. In other words: Entre was born, in 2018, as the daughter of a holding company from the Sefer orbit, two years before the securities regulator opened the Brazil Realty case and seven before the registry recorded its assets as frozen. proven as to the registry files and the record; the criminal action is an ongoing allegation, with no known judgment. The name change can also be seen from outside, by the trick of chapter 3: Nazaré FIP reported to the securities regulator, in 2019 and 2020, positions of "AFAC Arya" and "Arya credit" under the tax ID that today belongs to Entre, and in 2023, under the same tax ID, "receivables" from "Entre Investimentos". Nazaré's administrator was Sefer DTVM, the same one that reappears in the epilogue representing a Bahamas fund. The file also records that Entre made, in July 2025, its 25th issue of commercial notes, of R$ 100 million, and that since May 2026 it carries the words "administrative pending matter": the Central Bank, on liquidating Entrepay, Acqio and Octa, declared the assets of their controllers unavailable, among them Entre Investimentos itself, Cactus and Freixo. The shareholder of Domus Realty, owner of the Angra house, is today a company whose assets are frozen. proven

First door: Prime You. Already told. Entre, represented by Freixo, subscribed 180.8 million shares of PrimeAviation 2 at R$ 0.45 on 14 August 2024, "by means of funds previously advanced to the Company", that is, by AFAC; at the same meeting, as the shareholder "representing all the shares", it ratified three commercial-note issues of 2023. A year and two months later, PrimeAviation 2, by then Domus Realty, subscribed R$ 542.4 million in PS-MGG. proven

Second door: Banco Master. Here there are three documents of different kinds. The first is a technical opinion of the securities regulator, CVM, added to the record by the Federal Police, in a sanctioning case about the 3rd issue of the Brazil Realty real estate fund: the technical staff describes Entre as "a kind of 'clearing house'" that made 177 trades between November 2018 and March 2020, buying R$ 350.7 million in units and selling R$ 358.4 million, alongside the then Banco Máxima, Viking and Milo Investimentos, of the Vorcaro family. According to the press, the CVM's board judged the case on 8 September 2026 and imposed fines: R$ 10 million on Entre, R$ 5 million on Freixo, R$ 20 million each on Daniel and Henrique Vorcaro, R$ 12.5 million on Master. The second document is a portfolio: a fund administered by Master's brokerage carried, from February to November 2024, between R$ 65 and R$ 71 million in Entre commercial notes. The third is an order by the reporting justice at the Supreme Court recording that the Central Bank had found, in the Entrepay conglomerate, "trading of securities without sufficient backing", "misleading the Central Bank", "accounting artifices" and "diversion of funds" that "are connected to the offences" of Operation Compliance Zero. Entrepay was liquidated by the Central Bank on 27 March 2026. proven as to the documents; the CVM sanction is a press allegation until the ruling is published.

Third door: the court record. Freixo and Entre are on the list of one hundred people whose bank secrecy was lifted; he and the group's legal director were targets of the search and seizure of January 2026; and, according to the press, he closed a cooperation agreement with the Prosecutor General's Office on 3 September 2026, ratified by the reporting justice six days later. Of the content of that agreement only what newspapers published is known, and for that reason it is not used here. In the public record, Freixo's filings are requests for access. Entre and PrimeAviation 2 never appear together in any decision: the link between them exists only at the commercial registry. proven as to what is in the record; the agreement, allegation.

The fourth door, which may not be a door. On 9 April 2026 Master's liquidator subpoenaed, in Florida, an "Arya Investments LLC". The name is the one Entre was born with. The state registry shows a Nevada company, formed in 2022, without saying who manages it; "Arya" is a common name, and there are companies so called in Texas, Florida and Nevada. It is recorded for what it is: a coincidence of names that someone, one day, will check. inference, a weak one.

Chapter 5The circuit: the bank finances the group, the group capitalises the bank

This is the chapter where the dossier stops being about a jet company and starts being about the Banco Master case. Two documents, five years apart, form the two ends of a single circuit.

The 2019 end is modest and, for that very reason, eloquent. On 23 September that year, the shareholders' meeting of what was then Fraction 011 approved "the contracting of a revolving credit facility of up to R$ 2,850,000.00 with Banco Máxima S/A", and in the same minutes renamed the company PT-XGS, after the Learjet it was taking over. Three weeks later, on 14 October, the Central Bank authorised the transfer of control of Máxima to Daniel Vorcaro. Máxima became Master. It is the oldest documented financial relationship between the group and the bank, and it predates by six years everything the press has covered. Whether the credit was drawn, and against what security, the registry does not say. proven as to the dates; the rest is open.

The 2024 end is large. On 5 April, Banvox Holding Financeira issued 400 debentures of one million reais each, with Trustee DTVM as trustee and joint and several guarantees from Daniel Vorcaro, Maurício Antônio Quadrado and Augusto Ferreira Lima. Clause 3.2.1 of the deed, as the court decision transcribes it, says the proceeds "were allocated to the capitalisation of the financial institution Banco Master S.A., of which the individual Defendants are directors". The March and April 2025 instalments went unpaid. Then came acceleration, an enforcement action for R$ 470.5 million, the seizure of ten properties and the attachment of shareholdings. Among them: 6,674,100 of Quadrado's shares in Real Estate Duo 001 Guarujá, a Prime You SPE. It was the first time a shareholder of one of the group's SPEs appeared named in a public document.

The design is this: Banvox, run by Figueiredo and Quadrado, the same men who run Trustee Holding, raises R$ 400 million to put capital into Master; Trustee, which administers the funds that carry the SPEs, is the trustee of the issue; the guarantors are the bank's controlling shareholder and two names who are inside the SPEs; and when the deal breaks, the stock of luxury assets is what answers for it. A year later, in March 2026, Master S/A Corretora, a company of the bank's own group, obtained an injunction recording a notice against disposal over PS-MGG, Domus Realty and Botanique. The bank in liquidation is now litigating against the wealth it helped build.

Issuing debentures to capitalise a bank is lawful. Defaulting is a civil problem, not a criminal one. What the April 2025 decision proves is not a crime: it is that the two groups are a single circuit, and that the circuit was documented in court. The statement that the three guarantors were directors of Master comes from the claimant's pleading, recited by the court; it is not a judicial finding.

There are smaller vectors, all checkable: the PT-MCP helicopter was bought in 2013 with a loan from BTG Pactual "with funds from the BNDES FINAME programme", of up to R$ 5.65 million — money from a public capital-goods programme in a shared-ownership asset; PS-FMV, with R$ 6.87 million of capital, approved in December 2024 a loan of up to R$ 90.2 million, indexed to the exchange rate, from Bradesco Global Private Bank; Sapphire 62 records a bank facility "to finance the acquisition of an Azimut 62 vessel". All of it in the minutes.

Chapter 6The funds: a circuit that administers, manages and owns itself

The portfolios that Brazilian funds report monthly to the securities regulator are public, and in them the issuer's name appears exactly as the fund wrote it that month. That, incidentally, is how we discovered that "Planner Holding Financeira II" and "Trustee Holding Financeira" are the same company. Eleven funds carry assets from this perimeter. Ten are administered by Trustee DTVM; one by Master S/A CTVM. The managers repeat: Blue Solutions and MAM Asset.

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The investors in these funds are, in good part, other funds run by the same administrator. And the daily unit-price reports, also public, show what happened to this circuit after the bank collapsed: on 25 May 2026 the Albali unit fell 67.1% in a single day, in a fund whose typical movement was a tenth of a percent; on 1 July, Borgonha fell 23.3%; on 21 July, Máxima FIM CP 2, administered by Master's own brokerage, fell 34.8%. On 30 June, 55% of the Rockets portfolio sat with a single issuer, Fraction 032. Remarking is the technical term. In plain language: the declared value did not hold. It is the closest thing to a measure of the loss available without financial statements. proven as to the figures; inference as to the cause.

Chapter 7What the Supreme Court record says, with page numbers

The Court's public record runs to 189,000 pages, and Prime You appears in them in seven ways. None is a formal accusation against the company. All are useful.

1. The company introduces itself. On 26 November 2025, Prime Aviation Participações e Serviços, "known in the market by its trade name Prime You", petitioned the Federal Police chief to place itself at his disposal. It explained its two business models, shared ownership and asset management, said it had "more than 45" SPEs and acknowledged the connection that brought it there: Vorcaro's Viking is a quotaholder of one of its SPEs. In March 2026 it came back to say that it does not "lend" its name to anyone and that it had not been questioned since. proven (INQ 5026, item 2, pp. 116 and 117; item 545, pp. 1 to 3; item 582).

2. The police find a car. An investigative report of 18 November 2025 records that a seized Range Rover was held by PrimeAviation 4 Participações S.A., which "appears as an owner of Prime You in the federal tax register". PrimeAviation 4 is the former Fraction 044 and became DF & Range in March 2026. proven (INQ 5026, item 5, p. 717).

3. The jet and the helicopter that were to pay a law firm. A police report in PET 16662 describes a "Settlement and Payment-in-Kind Agreement" dated 19 May 2025, by which Viking would settle R$ 40 million of a R$ 50 million contract with a law firm by handing over "rights and interests" in two SPEs: "F24", owner of the Legacy 650 PP-NLR, and "F53", which the police identify as PT-PCT Administração de Bem Próprio. The firm stated publicly that the contract was never signed. The registry file adds what nobody had noticed: on the date of the offer, F53 had R$ 101 of capital; it was capitalised on 15 October 2025 and the helicopter only entered it on 25 November. What was being offered in payment was the shell. proven as to the documents (PET 16662, item 7, p. 161; item 9, p. 1; registry file no. 35.300.644.085; aircraft registry).

4. A witness speaks. In a statement filed in PET 15562, a witness says that "the company PRIME YOU in fact belongs to DANIEL VORCARO, but would be held in the name of the frontman MARCUS MATTA", and that Vorcaro "is the owner of house no. 4 on Ilha do Jorge in Angra dos Reis". It is the most quoted sentence about the company and the least proven: it is what one person told the police, with no document in the record confirming it. claim (PET 15562, item 54, p. 114).

5. The hundred names. PET 15198 contains a bank's January 2026 response listing the 100 individuals and entities whose bank secrecy was lifted, covering October 2020 to October 2025. Nine of them touch this dossier. An honest reading has to show both columns.

Source: PET 15198, item 432 (letter of 20.01.2026 in reply to electronic request 27654/2026). Augusto Ferreira Lima, the third guarantor of the debentures, appears in the record as a co-suspect, with a statement scheduled for 27.01.2026, the same day as Vorcaro's (INQ 5026, item 104, p. 2; PET 15562, item 8, pp. 11 and 12).

6. Two parliamentary inquiries want to know who flew. The Organised Crime inquiry approved, on 11 March 2026, Requirement 205, to the civil aviation authority, asking for the "ultimate beneficiaries linked to the aircraft registered PP-NLR and to the company Prime Aviation Participações", and Requirement 206, to Prime You itself, asking it to identify the passengers of the Legacy 650 since 1 January 2025. The joint inquiry into the social-security fraud asked the partners of Prime Aviation Táxi Aéreo, named as Artur Martins de Figueiredo, Rodolfo Garcia da Costa and Marcus Vinicius da Mata, for every flight, passenger and quotaholder of the same aircraft since 2015, plus the contracts "underpinning the use of the aircraft by Messrs Daniel Bueno Vorcaro, Sandra Habib or companies of the Prime You/Fractions group". Earlier requirements had already asked for the manifests of the G700 (PS-MGG) and of the Falcon 7X (PS-FST, this one owned by Viking, outside the SPE structure) in order, in the record's words, to "map the group's network of influence". Prime You asked Justice Gilmar Mendes to annul the disclosure order issued by the inquiry. proven (INQ 5026, item 543, p. 16; item 547, p. 5; PET 15556, item 247, p. 9; PET 15198, item 460, p. 5).

7. One member of Congress tells on another. A petition filed by congressman Henrique Vieira in March 2026 informs the Court that congressman Nikolas Ferreira had used, on at least two occasions in October 2022, the Phenom 300 registered PT-PVH, "belonging to the company Prime You, of which Daniel Vorcaro was a partner", on campaign trips, without declaring it to the electoral authority. The same petition states that Prime You "held the jet, Vorcaro's mansion in Brasília and other assets" and "was dissolved in September 2025, two months before Banco Master was wound up". A caution here: "dissolved" is the petition's word. The registry shows something else, and something more precise: Prime You was not dissolved; what changed in September 2025 was the name of three holding companies and, according to press reports, Vorcaro's departure from the ownership. claim as to the flights and the partner; proven as to what the registry records (PET 15556, item 190, pp. 2, 4 and 5; registry file no. 35.300.560.108).

And there is the backdrop the record preserves through press clippings filed by the police: the Botanique Hotel & Spa, in Campos do Jordão, whose corporate entity has Marcus Vinicius da Mata on its board, "is reportedly on offer for around R$ 150 million"; and "the most conspicuous of the aircraft used before his arrest by the owner of Banco Master, the Gulfstream G700, is for sale at a discount of more than R$ 100 million" (PET 15504, item 46, p. 253; PET 15556, item 1, p. 153). The G700 is PS-MGG. Its Brazilian registration was cancelled on 20 June 2025. Where it went, the Brazilian registry does not say; the press does (chapter 9), and the bank's liquidator went after it.

Chapter 8The window: ten months in which everything changed places

Set the dates in a column and the chronology tells itself. No intent is asserted; a sequence is. proven as to the dates.

• 29.08.2025Artur Martins de Figueiredo resigns, on the same date, from the boards of PS-MGG and PS-FMV.
• Sept 2025According to the company itself, speaking to the press, Vorcaro and Quadrado sell their interests back to the company.
• 22.09.2025PrimeAviation 1, 2 and 3 change their names at the same meeting: Avionyx, Domus Realty, Sea Ocean. The brand disappears from the registry.
• 29.09.2025Stern FIP, managed by REAG Jus, becomes a partner in Viking, one week later.
• 14 and 15.10.2025PS-MGG capitalises R$ 542.4 million via AFAC; Fraction 053 becomes PT-PCT and capitalises R$ 30.99 million.
• 17 and 18.11.2025Operation Compliance Zero: Vorcaro is arrested. The police find PrimeAviation 4's car. Prime You enters the record eight days later.
• 25.11.2025The EC 155 helicopter enters PT-PCT.
• 17.12.2025PS-MGG's shareholders authorise, "irrevocably and irreversibly", the sale of the G700.
• 20.03.2026Injunction for Master S/A CTVM: a notice against disposal is recorded against PS-MGG, Domus and Botanique.
• 23.03.2026Three days later, PrimeAviation 4 becomes DF & Range; Mata leaves its chair (re-elected in May).
• 27.03.2026The Gulfstream G550 leaves PS-FMV for third parties. On the same day, the minutes that had created the name "PrimeAviation 4" are published two years late.
• 04.06.2026The Legacy 650 PP-NLR, the aircraft the inquiries are after, is transferred in the aircraft registry to Fraction 024, a year after the payment-in-kind agreement.
• 17.06 and 31.07.2026Mata is removed from PS-FMV; Flávio Aguetoni, a director of Trustee, Banvox and MAM, takes the chair.

Chapter 9Alongside: the cases where Prime You appears without being the subject

The company is rarely the headline. It is the line beneath the headline: the name on the aircraft registration, the name on the deed. This section collects the reported episodes where that happened, separating what is in the Supreme Court record from what is only in the press.

EpilogueThe hunt: Florida, the Bahamas and a "Prime You LLC"

A bank liquidated in Brazil has no arms outside the country. To get them, the liquidator needs a foreign judge to recognise it. That happened in three acts, and all three are in public documents: two in a Florida bankruptcy court and one in a filing that BRB itself brought to the Supreme Court.

First act, Brasília. On 18 November 2025 the Central Bank ordered the extrajudicial liquidation and froze the assets of sixteen people and companies linked to the bank. Maurício Quadrado, the same man who chairs Fraction 032 and holds shares in Real Estate Duo 001 Guarujá, is on the list. Artur Figueiredo, the secretary of the Angra minutes, is not. No SPE is. proven

Second act, Florida. On 10 December the liquidator asked a bankruptcy court in Fort Lauderdale to recognise the Brazilian liquidation. Vorcaro, as an "interested party", objected: recognition would be premature because the liquidation was "contested in Brazil", a reference to proceedings at the Federal Court of Accounts that the American court itself kept under seal. Judge Scott Grossman recognised the liquidation on 8 January 2026 and gave the liquidator the right to subpoena whomever it wished without asking for a new order. Vorcaro tried to limit the subpoenas; in April the judge upheld 24 of the first 28, in a text worth reading: demanding proof of diversion before investigating "puts the proverbial cart before the horse". Vorcaro appealed; on 19 May a federal district judge refused the appeal. Meanwhile the liquidator sued Vorcaro's father and sister, Henrique Vorcaro and Natalia Vorcaro Zettel, over the mansion in Windermere, near Orlando, bought for US$ 32 million in February 2023 by a company of theirs, "a new record for a single family home in Central Florida"; the claim adds up to R$ 494 million and has not yet been decided. proven as to what the court file says; allegation as to the diversion.

It was in those subpoenas that the names of interest to this dossier appeared. On 15 June 2026 the liquidator subpoenaed a Prime You LLC, an American company; on 14 July, the manufacturer Gulfstream, about the financing of the G700; before that, Jetcraft, Flexjet and the FAA aircraft title service; and, on 9 April, an Arya Investments LLC. Arya, as the reader of the interlude already knows, was the name under which Entre Investimentos was born at the commercial registry. The LLC is from Nevada, formed in 2022; whether it has anything to do with Entre, or is just a pretty name repeated, neither the court file nor the registry says. proven as to the subpoenas; the namesake link is an inference, and a weak one.

Third act, the Bahamas. On 26 May 2026 the Supreme Court of the Bahamas recognised the liquidator as representative of five entities in the group. The decision is in the Supreme Court's record because BRB, which says it bought units in two of Master's Bahamas funds before the liquidation, attached it to a filing in June. And it lists nine local vehicles in which the conglomerate held interests. Three of them carry a surname familiar from this dossier: a fund called PMLS, linked to the brokerage Planner and of which Quadrado was the beneficial owner at least in 2023; Faex Fund, which was represented in Brazil by Trustee and moved, nine days after the liquidation, to another distributor; and a Phoenix fund, namesake of the Brazilian Phoenix FIP, which Trustee administers and whose beneficial owner, according to the securities regulator, is Nelson Tanure. There is also Mosaic Financial, a Bahamas broker that a foreign financial intelligence report, added to the record, associates with eight suspicious activity reports and with US$ 26 million sent to Vorcaro by a company in the Emirates between September and November 2025. proven as to the documents; allegation as to the content of the reports.

The ring that structures Prime You's SPEs, Planner, Trustee, Quadrado, is the same one that turns up in the Bahamas with three of the bank's nine vehicles. And Tanure's Aventti, from the prequel, keeps its cash at the same Bahamian trust that administers Faex. It proves nothing. It is the same address appearing for the third time.

What is still unknown: exactly what was asked of Prime You LLC and of Gulfstream (the subpoenas are not in the public archive, only in the court's paid system); whether the press's "R$ 1.4 billion frozen" rests on a court decision; and what the judge will make of the motion to dismiss the suit against the family, pending since July.

Chapter 10The counterweight, which any reading must carry

1. The lifting of bank secrecy reached neither the president nor any SPE. It reached Figueiredo, Freixo, Entre Investimentos, Aguetoni, Vorcaro, Quadrado and Viking. It did not reach Marcus Vinicius da Mata, nor Prime You, nor Prime Aviation Táxi Aéreo, nor a single Fraction.
2. Prime You came forward to the Federal Police of its own accord, declared itself available, said it manages SPEs owned by third parties and states that it has not been questioned since.
3. The "frontman" sentence is a witness statement, not a finding by any authority. No decision in the record adopts it.
4. A private debenture issue to capitalise a bank is a lawful transaction. What the São Paulo court file shows is default and enforcement, not declared fraud. The statement that the guarantors were directors of Master comes from the claimant's pleading.
5. Shared ownership is a legitimate business model, and one company per asset is standard practice in business aviation and yachting worldwide. Renaming a company is a lawful, everyday act.
6. The law firm in the payment-in-kind agreement states that the contract was never signed.
7. The two private individuals who appear in the Angra registry entry before 2022 have no connection to the case and are therefore not named.

What would settle the question, and does not yet exist in any public document: who advanced the AFACs that became hundreds of millions in capital (the SPEs' financial statements; the full deed of the 6th debenture issue); who the shareholders of the 86 companies are (the share ledgers); whether the 2019 Máxima credit line was ever drawn; who flew on PP-NLR, PS-MGG and PS-FST (the aviation authority and the parliamentary inquiries); where the G700 with serial number 87039 ended up (foreign aircraft registries); and whether the three guarantors were, in fact, directors of the bank (the Central Bank).

AnnexSources, method and limits

Commercial registry. 32 complete company files from JUCESP, the São Paulo commercial registry (free for registered users, one per company number) and 9 full-text documents (minutes and subscription forms, paid for). The file gives the name at incorporation and every "change of corporate name", with the date of the meeting. The full text gives who subscribed the capital.

Land registry. Full-text certificate of entry 10.707-A, First Registry Office of Angra dos Reis, 27.01.2026, digitally signed.

Aircraft registry. Public search of the Brazilian Aircraft Registry by registration mark, 17.09.2026: owner, operator, status, date of the last transfer.

Tax authority and securities regulator. Open data from the federal taxpayer register (current management of a closely held corporation, never its shareholders) and monthly fund portfolio and unit-price reports (2019 to 08/2026). The tax register keeps only each company's current name; it was by cross-referencing the tax number with sources that date the name — fund portfolios, the court record, the land registry — that the renamings surfaced.

The Supreme Court record. The 189,000 pages of Pet 15,556 and related cases, made public on 11.09.2026, read by lexical search; every citation carries the case, the item number and the page, in the same format as the rest of this site.

What was not done. No SPE financial statements were read (they are not public). No foreign aircraft registry was consulted. Neither the company nor the people named were approached; the right of reply that appears here is what they themselves put into the record. No personal data (tax numbers, identity numbers, street addresses, telephone numbers) has been transcribed, even where the documents contain it.

This dossier follows the same policy on disclaimers and rights as the rest of the site: opinion signed as opinion, facts with sources, no imputation of guilt. Errors of reading can be reported through the repository.