Deltec Bank Sues Ibanera, Claims Funds Were Illegally Converted to Crypto
On Monday, January 26, 2026, Deltec Bank & Trust Limited filed a second amended complaint in the U.S. District Court for the Southern District of Florida against Michael Carbonara and Ibanera LLC, alleging the theft of over $20 million. The Bahamian bank claims that Ibanera, a payment service provider, misappropriated funds that were entrusted to them.
According to the complaint, Deltec deposited funds with Ibanera and its Singapore partner, Ibanera Private Limited, starting in July 2024, for the purpose of cross-border money transmittal. These funds, Deltec asserts, were to be held in trust. However, Ibanera allegedly converted a portion of these funds into digital tokens and transferred them to cryptocurrency exchanges for their own benefit.
The lawsuit states that Ibanera Singapore collapsed in November 2024 after losing its money transmission license due to non-compliance with Singapore law. Following this, Ibanera LLC allegedly took control of Deltec’s funds. When Deltec requested the return of its funds in January 2025, Ibanera refused, providing what Deltec claims were false justifications.
Deltec alleges that Michael Carbonara, CEO of Ibanera, provided false testimony, claiming that Deltec’s transfers caused Ibanera Singapore to lose its bank account and license. The bank argues that Ibanera Singapore voluntarily closed its DBS bank account due to consistent issues with wire transfer data support. Furthermore, Ibanera Singapore’s license with the Monetary Authority of Singapore (MAS) lapsed because the company failed to commence business within six months of receiving the license.
The complaint further alleges that Ibanera converted $18 million of Deltec’s funds into USD Coin and transferred it to exchanges, all while continuing to represent to Deltec that the funds remained in fiat currency. Deltec also claims that Carbonara has sought to initiate a smear campaign against the bank and has published defamatory statements.
Deltec’s complaint includes eight counts: breach of contract, breach of fiduciary duty, aiding and abetting breach of fiduciary duty, conversion, aiding and abetting conversion, civil theft, unjust enrichment, and defamation. The bank is seeking monetary damages, equitable relief including a constructive trust, disgorgement of profits, attorneys’ fees and costs, and punitive damages.
The filing also reveals that Michael Carbonara is purportedly running for U.S. Congress in Florida’s 25th District.
Please contact BlockTribune for access to a copy of this filing.
