July 10, 2024 — Carlos Rafael made an offer the bank couldn’t refuse.
It was February 2021, and Rafael, the infamous New Bedford fishing mogul known as “the Codfather,” was serving out the final stretch of an almost four-year prison sentence. He and his two daughters placed a $770,000 bid to acquire the Merchants National Bank building in downtown New Bedford.
The historic sandstone building with tall, arched windows and an ornate ceiling no longer functions as a commercial bank. It’s vacant, and there is no money locked behind its heavy, iron vaults. But for the 71-year-old Rafael — flush with more than $70 million in cash from the court-mandated sale of his fleet and barred from ever again involving himself in the commercial fishing industry — acquiring the bank set the stage for a second act.
Three years after his release from prison, Rafael, still banned from owning fishing vessels, has embarked on a different business venture: a multimillion-dollar real estate financing operation sprawling across New Bedford and its suburbs.
“I’m the bank now,” Rafael said in a recent interview, leaning back in his dark leather office chair in his South End industrial warehouse. The wall behind him was adorned with paintings of Catholic saints, multiple sketches of Tony Montana (Al Pacino’s gangster protagonist in “Scarface”) and a sea-green miniature replica of one of the three-dozen fishing vessels once part of his fabled fleet.