A report by Coaf, Brazil's financial intelligence council, indicates that former banker Daniel Vorcaro, founder of the defunct Banco Master, sent more money, over a longer period, to the US fund that financed the film "Dark Horse" than Senator Flávio Bolsonaro, the PL presidential candidate, has admitted. The document records a US$ 1.6 million installment, exactly US$ 1,666,667, sent on September 16, 2025 to the Havengate Development Fund, the American fund Flávio indicated to finance a biopic of his father, former president Jair Bolsonaro. The revelation came from the magazine piauí on Tuesday and was confirmed by Valor Econômico with sources linked to the investigation.

According to the report, the transfer came eight days after the senator messaged Vorcaro demanding overdue installments. With the payment, until now unknown, the total sent to the fund rose from US$ 10.6 million to US$ 12.3 million, more than 65 million reais at the exchange rate of the time. The deal between the senator and the banker, revealed by the website Intercept Brasil in May 2025, provided for US$ 24 million in 14 installments.

The September payment contradicts the version Flávio gave in an interview to GloboNews after his conversations with Vorcaro became public. "Look, the last payment he made was in May 2025," the senator said at the time.

There are signs of an even later transfer. piauí had access to messages exchanged on October 22, 2025 between Vorcaro and advertising executive Thiago Miranda, who helped raise money for the film. Miranda asks whether the banker can "release the film's installments", because otherwise "everything will stop". Vorcaro replies: "Yes. I released one more today." Miranda then writes that he will inform the others and that "Flávio said he would call you"; the banker asks him to apologize to the senator for the delays. The value of that possible eighth installment was not disclosed. If the October payment did happen, the total disbursed reaches US$ 14 million, about 72 million reais. Less than a month later, on November 18, 2025, Vorcaro was arrested for the first time, according to Valor.

How the case got here

• Early 2025: Flávio negotiates with Vorcaro a US$ 24 million contribution to "Dark Horse", in 14 installments, according to audio recordings and messages revealed by Intercept Brasil.
• February to May 2025: US$ 10.6 million is sent to the Havengate Development Fund in the United States.
• May 2025: after the revelations, Flávio tells GloboNews the last payment had been made that month.
• September 16 and October 22, 2025: Coaf records a new US$ 1.6 million installment, and messages suggest an additional transfer.
• November 18, 2025: Vorcaro is arrested for the first time.
• September 1, 2026: piauí publishes the Coaf report, already added to the Supreme Federal Court inquiry investigating the transfers abroad.

Reaction and the investigation

Flávio declined to detail the transfers. Arriving at the Senate on Tuesday, he told journalists: "I have no way of knowing this information, because I don't handle that. You have to ask the producer," referring to Go Up, the company behind the film. His office had already told piauí that questions about other payments should go to the producer. According to a report by UOL, the candidate also said Supreme Court Justice Alexandre de Moraes "should resign" because of his earlier professional relationship with Vorcaro; Estadão/Broadcast published messages in which the banker asked the justice to intervene with the Federal Police and the Prosecutor General's Office to stall investigations into the bank.

Coaf said in a statement that it does not comment on specific cases. Vorcaro's defense was contacted by Valor and did not respond. The Federal Police is investigating suspected illegal remittance of money abroad, known in Brazil as evasão de divisas, and the possible use of fund money to cover expenses of former congressman Eduardo Bolsonaro in the United States. According to Poder360, Havengate is registered in the name of lawyer Paulo Calixto, who is close to Eduardo. The former congressman denies receiving money from Vorcaro through the fund, and Flávio maintains the money was used "entirely" on the film.

The Coaf report with the September installment has been added to the inquiry pending at the Supreme Federal Court, Brazil's top court, which is investigating the transfers abroad. No date has been disclosed for the end of the investigation, and no one involved has been convicted: the suspicions remain under investigation.