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Felipe served as president of Green Investimentos but resigned following the first phase of Operation Compliance Zero in November. Green also purchased a stake in Trinity Energias Renováveis, a company involved in energy trading and generation.

Valor has learned that Felipe was also the main shareholder of BRGD, a Minas Gerais-based company that invested in solar-panel farms.

According to the Federal Police, Daniel Vorcaro used Green and BRGD to divert financial gains to Senator Ciro Nogueira. Nogueira sponsored an amendment to increase the limit of Brazil’s Credit Guarantee Fund from R$250,000 to R$1 million for investors in bank securities, which would have benefited Banco Master’s fundraising efforts.

Green Investimentos operated under the Green Energia private-equity fund. As of August, the company’s stake was valued at R$43.5 million, according to information submitted to Brazil’s securities regulator, the CVM. The fund’s portfolio also included a stake in Trinity estimated at R$22 million.

Another private-equity fund, Brazil Clean Energy, was an investor in BRGD. That fund was liquidated at the end of 2024, but before that, its controlling structure underwent several corporate changes involving members of the Vorcaro family.

Valor has learned that around 2020, BRGD was controlled by Antonio Neto, Rodrigo Botelho, and Oscar Vorcaro— Felipe’s father. In August 2021, amid expansion plans, Daniel Vorcaro himself joined the company as a partner. A few months later, in 2022, all of them left the business, and Felipe took over after reportedly injecting capital into BRGD.

Before that, Felipe had served as an executive at Promed, the Vorcaro family healthcare company sold to Hapvida in 2021 for R$1.5 billion.

BRGD’s financial situation became increasingly difficult as the renewable-energy market cooled. By then, the company was already highly leveraged: within three years, its debt had jumped from R$20 million to R$135 million.

According to Valor’s reporting, the company had borrowed funds from BTG Pactual to expand operations. Daniel Vorcaro reportedly acted as a co-guarantor on part of the debt for a period before paying down some of the obligations and distancing himself from the business.

Felipe Vorcaro, who chaired Green Investimentos and held a stake in BRGD, is suspected by investigators of helping operate companies allegedly used to make payments to Nogueira.

According to information cited in the ruling by Supreme Court Justice André Mendonça authorizing the latest phase of Operation Compliance Zero, BRGD was used by the Vorcaro family to make payments to CNLF, a company linked to the senator’s brother.

The court document includes exchanges between the cousins discussing an alleged monthly payment ranging from R$300,000 to R$500,000 to Nogueira.

The messages also suggest BRGD was facing mounting financial difficulties. On more than one occasion, Felipe asked Daniel Vorcaro whether he should continue paying what they called the “BRGD/CNLF partnership.” The banker allegedly answered yes. In two exchanges, Felipe said he had been forced to inject more capital because the company’s cash flow was going “almost entirely to BTG.”

“Hi, Daniel, how are you? People informed me here about the increase in payments to the BRGD partner, but practically all the cash flow is going to BTG, and I still need to inject large amounts every month. I’ll be in São Paulo all day tomorrow. Is there any time we could talk?” Felipe allegedly wrote on January 28, 2025.

The reference to BTG appears to concern debt payments owed to the bank. Contacted by Valor, BTG declined to comment, citing banking secrecy rules.

Daniel Vorcaro’s lawyers declined to comment. Felipe’s defense could not be reached.

In a statement, Trinity said Felipe’s connection to the company is indirect and “strictly financial,” through the Green private-equity fund, which holds a 33.92% stake in the company.

“Such participation does not grant management powers or operational control over Trinity Group’s activities,” the company said. Trinity also added that it “strongly repudiates any act of corruption, bribery, fraud or illegal conduct.”

(Liane Thedim contributed reporting)