Brazil Uncovers Complex International Fraud, Money Laundering in Banco Santos Collapse

Brazilian authorities are uncovering a complex series of international links surrounding the apparent fraud and money laundering that led to the collapse and bankruptcy of Banco Santos. Prosecutors have detained former owner Edemar Cid Ferreira, a number of former bank officials, and other individuals accused of participating in crimes related to the massive shortfalls discovered by investigators following the bank’s collapse.