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 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, and

money laundering Money laundering is the process of concealing the origin of money, obtained from illicit activities such as drug trafficking, corruption, embezzlement or gambling, by converting it into a legitimate source. It is a crime in many jurisdictions ...

. 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 (; xpu, 𐤇𐤍𐤁𐤏𐤋, ''Ḥannibaʿl''; 247 – between 183 and 181 BC) was a Carthaginian general and statesman who commanded the forces of Carthage in their battle against the Roman Republic during the Second Puni ...

'' painting, a

Roy Lichtenstein Roy Fox Lichtenstein (; October 27, 1923 – September 29, 1997) was an American pop artist. During the 1960s, along with Andy Warhol, Jasper Johns, and James Rosenquist among others, he became a leading figure in the new art movement. Hi ...

, a painting by Joaquín Torres-García, a

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

, 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