Banco Santos

Banco Santos S/A is a Brazilian securities broker controlled by Edemar Cid Ferreira. liquidated by the Brazilian Central Bank in 2004 and declared bankrupt on September 9, 2005.

The Central Bank took control of Banco Santos on November 12, 2004 in the midst of a run on investor accounts. Its reported deficit at the time was BRL 700 million. The trustee named to replace Ferreira and his management team commenced a fraud investigation into the activities of the previous managers. Accounts are currently frozen pending the outcome of bankruptcy proceedings and negotations with creditors.

The Central Bank now estimates the bank's financial statements inflated its real assets by BRL 2.2 billion.

Source: Wikipedia in Portuguese