Edemar Cid Ferreira (31 May 1943 – 13 January 2024) was a Brazilian economist, banker, and art collector. He was the founder and head of Banco Santos, which went

bankrupt Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the de ...

in September 2005. Ferreira was convicted in Brazil of

bank fraud Bank fraud is the use of potentially illegal means to obtain money, assets, or other property owned or held by a financial institution, or to obtain money from depositors by fraudulently posing as a bank or other financial institution. In many ins ...

tax evasion Tax evasion or tax fraud is an illegal attempt to defeat the imposition of taxes by individuals, corporations, trusts, and others. Tax evasion often entails the deliberate misrepresentation of the taxpayer's affairs to the tax authorities to red ...

, and

money laundering Money laundering is the process of illegally concealing the origin of money obtained from illicit activities (often known as dirty money) such as drug trafficking, sex work, terrorism, corruption, and embezzlement, and converting the funds i ...

. He began serving 21-year prison sentence in December 2006. As part of the case, a judge ordered the search, seizure and confiscation of assets that were acquired with illegally obtained funds from Banco Santos. Ferreira assembled a 12,000-piece art collection while he controlled Banco Santos. Before his arrest, he smuggled his collection out of Brazil. The United States government seized items from a storage facility in New York that did not comply with customs laws. They returned Basquiat's ''

Hannibal Hannibal (; ; 247 – between 183 and 181 BC) was a Punic people, Carthaginian general and statesman who commanded the forces of Ancient Carthage, Carthage in their battle against the Roman Republic during the Second Punic War. Hannibal's fat ...

'' painting, a

Roy Lichtenstein Roy Fox Lichtenstein ( ; October27, 1923September29, 1997) was an American pop artist. He rose to prominence in the 1960s through pieces which were inspired by popular advertising and the comic book style. Much of his work explores the relations ...

, a painting by

Joaquín Torres-García Joaquín Torres-García (28 July 1874 – 8 August 1949) was a prominent Uruguayan-Spanish artist, theorist, and author, renowned for his international impact on modern art. Born in Montevideo, Uruguay, he moved with his family to Catalonia, Spa ...

, a

Serge Poliakoff Serge Poliakoff (January 8, 1900 – October 12, 1969) was a Russian-born French modernist painter belonging to the 'New' École de Paris ( Tachisme). Biography Serge Poliakoff was born in Moscow in 1900, the thirteenth of fourteen children. H ...

, and other works with an estimated value of $20 million to $30 million. Ferreira died from a heart attack on 13 January 2024, at the age of 80.Morre Edemar Cid Ferreira, fundador do falido Banco Santos, aos 80 anos

References

1943 births 2024 deaths Brazilian economists Brazilian bankers Brazilian art collectors People convicted of fraud People convicted of money laundering People convicted of tax crimes {{Brazil-economist-stub