Tag Archives: real estate
The Codfather’s 2nd act: ‘I’m the bank now’
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. more, >>CLICK TO READ<< 06;48
From surf to turf – ‘Codfather’ Carlos Rafael nets real estate deals
Carlos Rafael used to own one of the largest commercial fishing operations in the US before he was taken down in 2016 by federal agents disguised as Russian mobsters. He sold the last of his fishing fleet in February as part of a settlement with the federal government keeping him out of the industry for good. Now the Dartmouth resident says he is planning to restore the Hawthorne Country Club on Tucker Road to its former glory as a function hall, and has already set plans in motion for a new 149-unit apartment complex for residents over 55 on Hathaway Road. “Actually, the government did me a favor by putting me out,” Rafael said. “I ended up with a bucketload of money out of the deal, and instead of having the money in the bank, I’m investing it.” >click to read< 10:42
