By Brazil Stock Guide – Brazil’s Federal Audit Court (TCU) has fined Igor Macedo Laino, former director of Caixa Asset Management, R$10,000 for attempting to authorize a R$500 million purchase of financial notes issued by Banco Master SA. The ruling, disclosed this week, found that Laino disregarded technical reports and internal objections from Caixa Asset’s investment management division (CAIXA:CAIXA).
According to Folha de S.Paulo, Justice Antonio Anastasia, the case’s rapporteur, said Laino ignored red flags raised by risk teams that highlighted “low liquidity, excessive maturity, and unusual concentration levels.” The TCU report found that, during the bank’s qualification process, Laino omitted key information about Banco Master’s reputation, regulatory cases, and negative press coverage, presenting only favorable aspects of the transaction.
At the time of the incident, in 2024, Laino headed Caixa Asset’s Investment Funds Management Directorate. He was dismissed by the company’s board in June 2025 after internal probes began. In his defense, Laino claimed he acted “with diligence, based on technical opinions,” adding that “no public funds were harmed.”
Laino’s lawyer, Elísio Freitas, said in a statement that his client committed no wrongdoing and that the Banco Master investment “was never executed.” He added: “We trust a new review will consider the evidence showing Igor committed no violation.” The defense plans to appeal the TCU decision through motions for clarification and reconsideration.
The case also sheds light on internal tensions within Caixa Asset. The TCU found signs of retaliation against three managers who opposed the Banco Master deal and were subsequently dismissed. Caixa Asset said the firings were made “in the interest of administration,” but the court’s technical division identified potential reprisal motives, citing “concerns about employee vulnerability and the institution’s governance culture.”
Former Caixa Asset CEO Pablo Sarmento, who faced over two dozen complaints of workplace abuse and power harassment, was not cited in the court’s ruling. He was removed from the position in November 2024.