A recent bombshell investigation published by Brazilian investigative magazine *Piaui* has uncovered new financial details that directly contradict public statements made by Liberal Party presidential candidate Flavio Bolsonaro, throwing a fresh wave of scrutiny over the controversial financing of a biographical film about his father, former Brazilian President Jair Bolsonaro. The core discrepancy centers on the timing of a key six-figure transfer from Salvador Vorcaro, owner of Brazilian financial institution Banco Master, to a U.S.-based film production fund.
Per the investigation, which draws on official data from Brazil’s Council for the Control of Financial Activities (Coaf), Vorcaro transferred $1.666 million to the Havengate Development Fund, the American entity tasked with managing capital for the film *Dark Horse*, on September 16, 2025. This directly contradicts Flavio Bolsonaro’s earlier claim during a televised GloboNews interview, where he asserted that Vorcaro’s final payment for the project had been completed back in May 2025.
Court documents and previously leaked communications from the ongoing investigation show that the September transfer was initiated just eight days after Flavio Bolsonaro personally demanded that Vorcaro settle all overdue payment installments for the film project. With this additional disbursement added to prior contributions, the total amount Vorcaro has funneled into the *Dark Horse* project now sits at $12.3 million, up from the previously reported $10.6 million. At the 2025 exchange rate, that total equals more than 65 million Brazilian reais, according to *Piaui*’s calculations.
Vorcaro has remained in pre-trial detention in Brazil’s capital Brasilia since March 2025, as part of the Federal Police’s high-profile “Operation Compliance Zero.” That probe centers on allegations of large-scale financial fraud at Banco Master, which investigators say has left public and private stakeholders with billions of reais in total losses.
Beyond the conflicting timeline of the transfer, the *Piaui* report also published previously unreleased content from a WhatsApp conversation dated October 22, 2025, between Vorcaro and Thiago Miranda, the advertising executive who led private fundraising efforts for *Dark Horse*. The contents of that exchange are expected to provide new clues for investigators probing the flow of capital for the film.
Currently, Brazilian federal authorities are pursuing two core lines of inquiry related to the Havengate fund. First, they are working to confirm whether the full sum of capital received by the U.S. entity was actually used for *Dark Horse* production costs, or if a portion of the funds was diverted for other uses. Second, investigators are seeking to clarify what role Flavio Bolsonaro’s brother, former federal deputy Eduardo Bolsonaro, played in the management and oversight of the fund’s resources.