Vorcaro's 'hard core' list includes CVM president Lobo, per PF messages

Newly obtained messages show Daniel Vorcaro, former Banco Master owner, planned a restricted dinner in October 2025 with a 'hard core' list that included current CVM president Otto Lobo, 25 days before Vorcaro's arrest. The claim is based on Federal Police cellphone extractions reported by Valor, but Lobo's involvement or knowledge is unconfirmed. This raises questions about regulatory independence and potential conflicts of interest at Brazil's securities regulator.