Brazil's Attorney General's Office (PGR) has sent the Supreme Federal Court (STF) a plea agreement signed by João Carlos Mansur, founder and former board chairman of asset manager Reag. The filing went to Justice André Mendonça on Wednesday (2), and he faces no deadline to respond, according to G1.
The deal includes 17 annexes describing how the firm's investment funds were allegedly set up to launder money, and Mansur points the way to R$ 20 billion in assets tied to Daniel Vorcaro, owner of Banco Master and a target of a Federal Police investigation. Both men are under investigation and neither has been convicted; the claims are the collaborator's account and will be examined by the court. According to G1, Mansur signed a confidentiality term months ago with the Federal Police and the PGR, the first step before handing over documents, and talks advanced only with prosecutors.
How the case got here
Mansur founded Reag in 2012 as a fund administrator, and at its peak the firm managed R$ 340 billion, making it Brazil's largest independent asset manager, according to Folha de S.Paulo. The Federal Police first hit the group in August 2025 with Operation Carbono Oculto (Hidden Carbon), which investigates money laundering for organized crime. In January, Mansur was targeted in the second phase of Operation Compliance Zero, which looks into an alleged fraud scheme at Banco Master. The same day, the Central Bank placed Reag into extrajudicial liquidation.
Folha reported that the Central Bank identified at least six Reag funds linked to Master and Vorcaro, named Astralo 95, Reag Growth 95, Hans 95, Olaf 95, Maia 95 and Anna, with combined equity of R$ 102.4 billion. At least four showed signs of ties to organized crime. People who followed Mansur's work and spoke to Folha on condition of anonymity said he handled personally the main transactions involving Vorcaro's interests, and that his account can serve as a shortcut for investigators by detailing transaction counts, each participant's role, and the origin and destination of the money.
What comes next
The deal lands at a delicate moment. Vorcaro told Mendonça's office last week that he suffered threats and psychological pressure in prison to keep him from signing a cooperation deal, according to G1 and Folha, and the PGR asked on Wednesday for that complaint to be shelved. The Banco Master case has also fed a standoff between the Supreme Court and the Federal Police after the release of messages exchanged between Vorcaro and Justice Alexandre de Moraes. Folha's column Painel S.A. reported that Mansur gathered his family last month, told his three children about the deal and said he had taken steps to shield them from its consequences.
The next step belongs to Mendonça: he must decide whether to ratify the agreement, with no set date. Under Brazilian law, a plea deal only takes effect after judicial approval. In exchange for cooperation, the collaborator may receive legal benefits and waives the right to remain silent in the testimony he gives. Until the justice rules, the contents of the agreement remain sealed.