By Brazil Stock Guide – Brazil’s Securities and Exchange Commission (CVM) on Wednesday (11) began formally summoning Reag Investimentos and a former executive to present their defense in an administrative proceeding investigating alleged irregularities in the management of securities portfolios.
The statement of charges was signed on December 15, 2025. The former executive named in the case is Ramon Pessoa Dantas, who was responsible for portfolio management activities at the time of the alleged events.
Reag Investimentos expanded rapidly throughout the 2020s by offering private credit funds and vehicles focused on alternative assets and receivables. Its business model is based on originating proprietary transactions and distributing products through financial market partners.
As part of that strategy, Reag developed closer ties with Banco Master, controlled by Daniel Vorcaro. The bank operates in structured credit, receivables investment funds (FIDCs) and funding through certificates of deposit (CDBs). The relationship between the two firms centers primarily on structuring and acquiring credit assets.
Multiple funds and portfolios within Reag’s ecosystem invested in transactions originated or distributed by Banco Master. The financial link placed the asset manager within the same funding and distribution network used by the bank.
The parties had not responded to requests for comment at the time of publication.
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