Edemar Cid Ferreira

{{Short description|Brazilian economist and banker (1943–2024)}}

{{Use dmy dates|date=January 2024}}

Edemar Cid Ferreira (31 May 1943 – 13 January 2024) was a Brazilian economist, banker, and art collector.{{cite news|url=https://news.artnet.com/market/smuggled-basquiat-returned-brazil-309813|title=Bad Banker's $8 Million Basquiat Smuggled With Shipping Invoice for $100 Returns Home {{!}} artnet News|date=19 June 2015|work=artnet News|access-date=14 August 2017}} He was the founder and head of Banco Santos, which went bankrupt in September 2005.{{Cite web|url=http://star.worldbank.org/corruption-cases/node/18495|title=StAR - Stolen Asset Recovery Initiative - Corruption Cases - Edemar Cid Ferreira/ Banco Santos, S.A. Art Repatriation Case|website=star.worldbank.org|access-date=14 August 2017}}{{Cite news|url=https://www.cartacapital.com.br/revista/929/edemar-cid-ferreira-o-leilao-do-ano|title=Edemar Cid Ferreira e o leilão do ano|last=felipemello|work=CartaCapital|access-date=14 August 2017|language=pt|archive-url=https://web.archive.org/web/20170825214910/http://www.cartacapital.com.br/revista/929/edemar-cid-ferreira-o-leilao-do-ano|archive-date=25 August 2017|url-status=dead}} Ferreira was convicted in Brazil of bank fraud, tax evasion, and money laundering.{{Cite news|last=Cohen|first=Patricia|date=13 May 2013|title=Valuable as Art, but Priceless as a Tool to Launder Money (Published 2013)|language=en-US|work=The New York Times|url=https://www.nytimes.com/2013/05/13/arts/design/art-proves-attractive-refuge-for-money-launderers.html|access-date=18 January 2021|issn=0362-4331}} He began serving 21-year prison sentence in December 2006.{{Cite web|last=Reagan|first=Gillian|date=14 February 2008|title=Missing $8M Basquiat Art Reappears in UES Warehouse|url=https://observer.com/2008/02/missing-8m-basquiat-art-reappears-in-ues-warehouse/|archive-url=|archive-date=|access-date=18 January 2021|website=Observer|language=en-US}} 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.[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] {{in lang|pt}}