SÃO PAULO — On May 13, 2026, messages leaked by The Intercept from a federal police investigation revealed that Brazilian senator and presidential candidate Flávio Bolsonaro received about $12 million from Daniel Vorcaro, the former owner of the now-shuttered Banco Master. Vorcaro is accused of defrauding bank customers out of hundreds of millions of dollars through dubious investment schemes. Brazil’s federal police estimate total losses from the Banco Master fraud at 12 billion reais ($2.3 billion).

Flávio Bolsonaro denied any wrongdoing, stating the funds were used to produce a movie about his father, former President Jair Bolsonaro. The federal police investigation into his connection with Vorcaro remains ongoing.

“Anyone getting close to a criminal banker gives a bad sign,” said Romeu Zema, former governor of Minas Gerais and a Jair Bolsonaro supporter, on May 20, 2026. The revelation has shaken Flávio Bolsonaro’s campaign as he seeks a running mate and attempts to build party alliances ahead of the October 2026 presidential election.

Senator Marcos Rogério, a key congressional ally, defended Bolsonaro, saying he has been providing necessary explanations about the transactions. “Moments like this deserve our attention. He needs to make it all clear. But he has also argued in favor of a congressional inquiry on Banco Master. This thing will not bar his candidacy at all.” Rogério told journalists on May 24, 2026. “We are not going to re-evaluate his bid or choose a different person. The senator’s candidacy is still standing.”

Former Goiás Governor Ronaldo Caiado and presidential hopeful Renan Santos have expressed doubts about Flávio Bolsonaro’s viability as a candidate. Some politicians have floated the idea of replacing him with former first lady Michelle Bolsonaro, who has remained silent on the matter.

Political analyst Lula Guimarães said the timing of the leak could limit its immediate impact. “As of now, people in Brazil want to know who will win the next World Cup. They want to know whether Neymar will play or not. That alone will make this whole affair less visible for a month.” Guimarães added, “I don’t think this alone will be deadly for Flávio Bolsonaro, but even the man himself said there’s more about him and Vorcaro to come out. He’d better buckle up.”