A $10 Billion Banking Scandal Is Tainting Brazil’s Elite (2)

The bank at the center of Brazil’s biggest alleged financial fraud was originally a prize coveted by a man named Henrique Vorcaro, according to people who know him.

An ambitious real estate developer, the 64-year-old also had another moniker among the moneyed elite in the city of Belo Horizonte, an eight-hour drive northeast of Sao Paulo: “mau pagador,” or “bad payer.”

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When he realized his reputation might doom his pursuit, Vorcaro turned to his son, according to people with knowledge of the matter. Henrique Vorcaro’s attorney denied that he was ...