Edemar Cid Ferreira Explained

Edemar Cid Ferreira (31 May 1943 – 13 January 2024) was a Brazilian economist, banker, and art collector.[1] He was the founder and head of Banco Santos, which went bankrupt in September 2005.[2] [3] Ferreira was convicted in Brazil of bank fraud, tax evasion, and money laundering.[4] He began serving 21-year prison sentence in December 2006.[5] 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 painting, a Roy Lichtenstein, a painting by Joaquín Torres-García, a Serge Poliakoff, 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.[6]

Notes and References

  1. News: Bad Banker's $8 Million Basquiat Smuggled With Shipping Invoice for $100 Returns Home artnet News. 19 June 2015. artnet News. 14 August 2017.
  2. Web site: StAR - Stolen Asset Recovery Initiative - Corruption Cases - Edemar Cid Ferreira/ Banco Santos, S.A. Art Repatriation Case. star.worldbank.org. 14 August 2017.
  3. News: Edemar Cid Ferreira e o leilão do ano. felipemello. CartaCapital. 14 August 2017. pt. https://web.archive.org/web/20170825214910/http://www.cartacapital.com.br/revista/929/edemar-cid-ferreira-o-leilao-do-ano. 25 August 2017. dead.
  4. News: Cohen. Patricia. 13 May 2013. Valuable as Art, but Priceless as a Tool to Launder Money (Published 2013). en-US. The New York Times. 18 January 2021. 0362-4331.
  5. Web site: Reagan. Gillian. 14 February 2008. Missing $8M Basquiat Art Reappears in UES Warehouse. 18 January 2021. Observer. en-US.
  6. https://www1.folha.uol.com.br/mercado/2024/01/morre-edemar-cid-ferreira-fundador-do-falido-banco-santos-aos-80-anos.shtml Morre Edemar Cid Ferreira, fundador do falido Banco Santos, aos 80 anos

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