What the authorities found at Fictor after 30 days in the operation.

A structure highly dependent on credit between companies within the group itself, balance sheets delivered without signatures, missing bank statements, accounts linked to shareholders' CPF numbers (Brazilian individual taxpayer registration numbers), transfers via PIX (Brazilian instant payment system) to individuals later classified as loans to related parties, and a write-off of R$ 309.7 million that the company has yet to respond to.

This was the scenario encountered by the judicial administrator Laspro in the first 30 days within Fictor, according to the first Monthly Activity Report (RMA) presented to the Court within the scope of the group's judicial reorganization.

The RMA (Recovery Management Assessment) deepens a diagnosis that had already appeared in Laspro's initial reports during its judicial reorganization, which, as published by NeoFeed , pointed to accounting inconsistencies, evidence of asset commingling, and transactions between related parties.

Now, in the monthly monitoring phase of RJ, Laspro shows that some of these points remain unclear and demands further explanations.

“The apparent solvency of certain entities is artificially maintained through Advances for Future Capital Increase (AFAC) and loan agreements, which replace operational assets with credits that are difficult to recover within the Fictor Group's own economic ecosystem,” states the judicial administrator.

At Fictor Invest, a company through which the group raised funds from investors in SCPs (Special Purpose Companies), Laspro identified that, in February, the company declared R$ 2.78 billion in total assets, of which R$ 2.77 billion were non-current assets. Of this amount, 99.6% was linked to receivables from related parties, including R$ 1 billion recorded as AFAC (Advance for Future Capital Increase) and R$ 1.76 billion in loan agreements.

According to the court-appointed administrator, no evidence was presented to prove the liquidity, maturity, or material amortization of these amounts.

As NeoFeed showed in April, Rafael Góis himself, founding partner and CEO of Fictor, appeared among the names linked to amounts registered as receivable by the company. In the new report, Laspro again points to similar transactions, now within OROS Corretora de Seguros, a company in the group.

The report indicates that OROS made transfers via PIX on January 30th of this year to Lucas Kuperman Conte and Felipe Micheloni Pereira, who, according to Laspro, are linked to the group. Subsequently, the operation was classified as an "increase in active loans," which, according to the judicial administrator, "directly impacts the entity's immediate liquidity."

At the end of February, OROS recorded R$ 402,500 in "Loans with Related Parties," an amount equivalent to 99.03% of its realizable current assets. The main debtors were Fictor Holding, with R$ 202,500, and Felipe Micheloni Pereira, with R$ 200,000.

Another point raised by Laspro was the existence of an account called "Linked Bank Account," with a balance of R$ 5.33 million. This amount appeared linked to the CPF numbers (Brazilian individual taxpayer registration numbers) of shareholders Diego Ricardo Nascimento, with R$ 4.54 million, and Ana Paula Carmesini, with R$ 789,700.

"From an accounting perspective, maintaining significant balances linked to shareholders' CPF numbers in Current Assets, without evidence of immediate liquidity or a clear operational purpose, suggests 'inflation' of assets, with the potential effect of masking the real erosion of equity and working capital," says Laspro in the report.

In practice, the "inflation" mentioned by Laspro refers to assets recorded on the balance sheet that, according to the judicial administrator, had no apparent economic substance or proven liquidity.

At Fictor Holding, Laspro attributes the same "inflation" to a decrease of approximately R$ 580 million in total assets, from R$ 4.07 billion to R$ 3.49 billion, between December 31, 2025 and January 1, 2026.

According to the report, the adjustment resulted from the elimination of cross-entries with Fictor Invest, described by the judicial administrator as having "no apparent economic substance."

Inconsistencies also appear when comparing financial statements. At Fictor Holding Financeira, the income statement for January showed a loss of R$ 310.2 million, while the balance sheet for the same period reported a positive net worth of R$ 297.2 million.

In the case of FW SPE Solar 1 LTDA, another company in the group, Laspro issues a "historical reliability alert," pointing out a discrepancy between the net worth as of December 31, 2025, and the opening balance as of January 2026, with an alteration in the historical basis of accumulated profits or losses without sufficient supporting documentation.

Laspro is also demanding explanations regarding a write-down of R$ 309.7 million at Fictor Holding Financeira, recognized in January 2026 as "Card Expense" and attributed to the B2B/AMEX operation. According to the report, the company maintained significant balances in 2025 related to collateral and invoices from the operation, which were only effectively zeroed out in January 2026 with the recognition of the expense.

The card transaction had already been mentioned in the initial reports from the judicial administrator, revealed by NeoFeed in April. In the documents from the end of 2025 analyzed by Laspro, Fictor Holding registered R$ 506.9 million to be received related to B2B card transactions with American Express. American Express was listed among the creditors with R$ 800 million to be received, although it has already denied being a creditor of Fictor.

Reduced activity and lack of warning to the market.

Throughout the RMA, Laspro also identified low or no operational revenue generation in different companies within the group — including Fictor Holding, Fictor Invest, energy SPVs, and agribusiness companies. In some cases, amounts recorded as revenue stemmed from reversals, provisions, or financial income, and not from revenue linked to business activity.

The reduction in activity is also evident in Fictor Alimentos, the group's only listed company, which went public through a reverse IPO in 2024.

According to the RMA, during an inspection carried out on April 27, 2026, at the address of Fictor Alimentos Betim, in Minas Gerais, the judicial administrator was informed that the unit previously leased by the company had been returned to the former owner.

Unlike the lease agreement, which was announced to the market in a material fact disclosure in July 2025, the return of the unit was not communicated to investors by the time this report was finalized. According to the report, Fictor confirmed the demobilization and closure of the Mellore UPI's activities at that address.

Fictor's bankruptcy proceedings include 43 companies within the group. The company attributed the crisis to reputational damage following the attempted purchase of Banco Master and the rush for investor redemptions from Special Purpose Entities (SPEs), which reportedly reached approximately R$ 3 billion , according to court documents.

Contacted by NeoFeed , Fictor did not respond to the reporter's questions by the time of publication.