On Monday, Daniel Vorcaro announced a last-ditch rescue deal that appeared to save his floundering Brazilian bank. Hours later, he was arrested at a Sao Paulo airport, where authorities say he was trying to flee the country.
Banco Master SA will be liquidated after the latest twist in its saga featured a sweeping corruption probe by Brazilian authorities. Chief Executive Officer Vorcaro and five others were arrested amid allegations that executives fabricated credit instruments and sold them to a lender whose own CEO has now been ousted, according to people familiar with the matter.
The rapid chain of events marked ...
