The De Grazia brothers have been imprisoned for
908 days
Since their arrest by the DGCIM on April 19, 2024.
Bancamiga Banco Universal, C.A.
Five months to go from 41.7% to 9.2%
Under the De Grazia brothers' management, Bancamiga had risen from next-to-last to fifth place in the country's banking ranking. Carmelo was the second-largest shareholder, with 41.5958% of the capital.
Carmelo and Daniel are shown combined. The full table for each date is at the end of the page.
A precedent: Bangente
The statement of facts asserts that Bancamiga was not the first operation of this kind. It cites reporting by Armando.info according to which, in 2023, lawyers who said they worked with Carlos Erick Malpica Flores and José Simón Elarba told the owners of Bangente (Banco de la Gente Emprendedora) and the Tranred group of their intention to buy, after a judicial campaign that began in 2019. On March 19, 2024, the transfer of 20% of the shares of four companies was signed at Elarba's office.
The document describes Elarba and his son-in-law as business partners of Malpica, whom OFAC, the U.S. Treasury's sanctions agency, sanctioned again on December 11, 2025 (Treasury press release).
Elarba's arrival, April 29
Ten days after the arrest, Elarba showed up at Bancamiga accompanied and protected by armed DGCIM members and, before the directors and senior staff, proclaimed himself the «New Partner by decision of the high government». He held no shares in the bank and had no authorization from the Superintendency of Banks. In May 2024 the bank publicly announced his joining as a shareholder (Ciudad Gótica News).
The statement of facts points out that Elarba knew of Levin's arrest warrant before the person affected did, which, according to the document, shows that the operation was designed with him and for him.
The June 14 contracts
On June 14, 2024, four shareholders (José Luis Queijeiro Taboada, Armando Antonio Iachini Lo Medico, Ángel Vázquez Márquez and Pedro Manuel Mezquita Arcaya) signed contracts transferring 57.31604% of Bancamiga's capital to Elarba for USD 405,279. Annex 3
According to the statement of facts, the signatures were obtained through extortion and threats, and the price is absurdly low: at that moment there were profits awaiting distribution among the shareholders on the order of USD 18,000,000.
The July and September meetings
July 2, 2024. On the basis of those contracts, Elarba called an extraordinary meeting. Carmelo and Daniel could not attend because they were detained and incommunicado at the DGCIM. The meeting recorded the purchase and a new shareholding structure. Annex 4
September 11, 2024. A second meeting increased the capital. Because Carmelo and Daniel remained incommunicado, their holdings were diluted from 41.5958% to 9.1922% and from 0.0878% to 0.0194%. Elarba rose to 89.7883%. Annex 5
The minutes state that the brothers «waived» their right to take part in the increase by not attending or being represented. According to the document, that statement is false and in bad faith: no legal or bylaw provision provides for such a waiver, and it was impossible for them to know they had been summoned.
Full table: Bancamiga's capital on April 19, 2024
| Shareholder | Shares | Holding |
|---|---|---|
| José Luis Queijeiro | 11,607,749,994 | 49.5000% |
| Carmelo De Grazia | 9,754,208,415 | 41.5958% |
| Armando Iachini | 1,823,621,782 | 7.7766% |
| Ariel Martínez | 234,500,000 | 1.0000% |
| Daniel De Grazia | 20,598,173 | 0.0878% |
| Ángel Vázquez | 7,349,900 | 0.0313% |
| Pedro Mezquita | 1,889,635 | 0.0081% |
| Others | 82,101 | 0.0004% |
| Total | 23,450,000,000 | 100.0000% |
Full table: Bancamiga's capital on July 2, 2024
| Shareholder | Shares | Holding |
|---|---|---|
| José Simón Elarba | 13,440,611,311 | 57.3160% |
| Carmelo De Grazia | 9,754,208,415 | 41.5958% |
| Ariel Martínez | 234,500,000 | 1.0000% |
| Daniel De Grazia | 20,598,173 | 0.0878% |
| Others | 82,101 | 0.0004% |
| Total | 23,450,000,000 | 100.0000% |
Full table: Bancamiga's capital on September 11, 2024
| Shareholder | Shares | Holding |
|---|---|---|
| José Simón Elarba | 586,851,891 | 89.7883% |
| Carmelo De Grazia | 60,079,789 | 9.1922% |
| Ariel Martínez | 6,535,950 | 1.0000% |
| Daniel De Grazia | 126,870 | 0.0194% |
| Others | 500 | 0.0001% |
| Total | 653,595,000 | 100.0000% |
The 47% that changes hands in 2025
A notarized sworn statement, obtained from Bancamiga's commercial file, indicates that on November 18, 2025 the company Inversora Financiera (Infica), C.A., represented by its director Karla, acquired 47.0847% of the capital. Annex 6 The minutes reflecting that transaction do not yet appear in the public volumes of the Fifth Commercial Registry of the Capital District.
Why the acts are void, according to the document
The statement of facts holds that the sale contracts and the July and September 2024 meetings are absolutely void for these reasons:
- The public tender offer required by Article 69 of the Securities Market Law and Article 4 of the Tender Offer Rules to buy shares of an exchange-listed company was not carried out.
- There was no SUDEBAN authorization, following a binding opinion of OSFIN, which Article 38 of the Banking Sector Institutions Law requires to acquire 10% or more of a bank.
- The consent of the four sellers was extracted by violence: there is no other explanation for their selling two months after the brothers' arrest.
- The price is minuscule compared with the real value of the shares.
- The 65% quorum was not reached, which was impossible without Carmelo, who held 41.5958%.
- The meetings were held without Carmelo or Daniel, who could not exercise their preemptive right because they were detained.
- The form of notice required by the Civil Cassation Chamber in its ruling of September 30, 2025 (case AA20-C-2024-000610) was not followed: a newspaper notice plus certified mail or certified email.
- The July 2 meeting did not respect the five-day period between the call and the meeting set by Article 276 of the Commercial Code.
What follows summarizes the «Statement of Facts» submitted by the affected parties. Each claim refers to the annex that supports it where one exists.