The consultancy, Crédito e Mercado, which previously endorsed the purchase of R$ 122 million in financial letters from Banco Master by pension funds, has now suggested an investment in a fund managed by Daniel Vorcaro. This recommendation raises eyebrows due to Vorcaro's fund, Horus Vetor, which has been under investigation since 2020 by the Brazilian Securities and Exchange Commission (CVM) for fraudulent operations. The fund's management team includes former partners of Vorcaro, Tiago Schietti and Vicente Conte, who are also implicated in a federal police operation known as Compliance Zero.

Schietti confirmed that he was targeted in the second phase of the Compliance Zero operation but claimed not to understand the reasons behind it and emphasized that he was never a partner of Vorcaro. The situation has escalated concerns regarding the oversight and regulatory adherence of the consultancy, particularly as its CEO, Renan Calamia, was convicted in December for reckless management after recommending investments in the Horus fund despite known regulatory restrictions and lack of independent assessments.

The impact of these developments may lead to greater scrutiny on financial consultancies advising municipalities and could provoke discussions about regulations governing such financial recommendations. The continuing investigations into the Horus fund and its connections to the consultancy and Vorcaro may have far-reaching consequences for all parties involved, particularly for the pension funds that were misled into investing under these dubious circumstances.