An exclusive interview with journalist Alan Rivera Prieto, by FinCrime Central
On May 8, 2025, the U.S. Court of Appeals for the 11th Circuit in Miami ruled that Citigroup must face a lawsuit exceeding $1 billion, due to its alleged role in a fraud scheme involving its Mexican subsidiary, Banamex, all tied to the now-infamous Oceanografía case. This court decision adds powerful momentum to Rivera Prieto’s work, the result of more than eight years of in-depth investigation, which dismantles the official story told for over a decade: that Oceanografía defrauded one of the world’s largest banks.
Just weeks before its official release in the United States, the book The Blackmail by investigative journalist Alan Rivera Prieto takes on new weight after a major legal development.
In this exclusive interview with FinCrime Central, Rivera explains why The Blackmail challenges that narrative head-on, revealing a sophisticated operation of financial and political extortion carried out from within the Mexican government, with Citigroup’s full knowledge and complicity.
“What was sold to the public as a $400 million fraud was, in reality, a calculated blackmail operation engineered from the heart of Mexican power, and Citi was not just aware — it was part of it, ” Rivera states.
Table of Contents
A Story Too Big for Traditional Media
The book, to be released in August 2025 in both English and Spanish, uncovers how Amado Yáñez Osuna, owner of Oceanografía, was the victim of an extortion scheme led by top officials in the Peña Nieto administration — including Emilio Lozoya Austin, then CEO of Pemex and now imprisoned for unrelated corruption scandals like Odebrecht.
When Yáñez refused to pay bribes or sell his company at a devalued price, the response was swift and brutal. On February 28, 2014, just one hour after Citi CEO Michael Corbat announced in New York that Oceanografía had defrauded Banamex, armed agents from Mexico’s Attorney General’s Office raided the company’s offices in Campeche, seized its assets, and later imprisoned Yáñez. “No fake invoices were ever presented. No forged contracts. And yet, Citi still collected $400 million from Pemex — and another $240 million from the insurer Chubb, ”says Rivera.
Supported by documents and testimony, The Blackmail paints a damning portrait of collusion between Pemex officials, Banamex executives, and high-ranking Citi insiders — not a fraud committed by Oceanografía, but a coordinated act of destruction and cover-up.
The U.S. Court Speaks
The recent U.S. court ruling only reinforces Rivera’s findings. The appeals court concluded that there is credible evidence that Citigroup “substantially assisted” the alleged fraud, and that it is “implausible” the bank wasn’t aware of what was happening, given the scale and complexity of the financing.
Between 2008 and 2014, Citi extended over $3.3 billion in advances to Oceanografía, despite claiming the company was financially weak and tied to alleged forged Pemex documents. The SEC fined Citi in 2018 for internal control failures, and 12 employees were dismissed, yet only Erick Cervantes Murillo, a junior official at Banamex, was jailed.
“I interviewed Cervantes while he was still a fugitive, ” Rivera recalls. “I found him in Tabasco, after five years of supposed manhunt by authorities. Two weeks after our meeting, he was arrested. ”
A Blackmail Operation That Crushed a Company
At the heart of the book is the blackmail itself: Pemex officials demanded 20% of Oceanografía’s profits in exchange for continued contract awards. When the company refused, they attempted to seize control of it. When that failed, they launched the raid, froze the assets, and destroyed one of Pemex’s top offshore contractors. Oceanografía is now suing for $7.65 billion in Mexico, and the case remains open. But the public narrative is shifting.
“Everyone believed Citi. No one questioned the story. But Mexico’s Supreme Court already ruled in 2018 that no fraud occurred. And now, a U.S. court is saying Citi must be held accountable, ” says Rivera.
Heading to the Screen
With renewed attention from both courts and the press, The Blackmail is now being adapted for the screen. Rivera confirms that a high-profile film or series project is already in development. “This story has everything: corruption, power, betrayal, covert operations, persecution, downfall, and redemption. Nothing needs to be added. It’s all in the documents, ” he says.
The Blackmail, by Alan Rivera Prieto, will be published in August 2025 in the United States, followed by its release in Mexico. It promises to be a groundbreaking exposé, and a key work for anyone seeking to understand how official truths are built… and how they collapse.
Is Citigroup a serial offender?
A quick look at the Violation Tracker Global shows a staggering list of penalties across geographies and business lines:
| Top 5 Jurisdictions | Penalty Total (USD) | Number of Records |
|---|---|---|
| United States | $17,306,063,875 | 106 |
| United Kingdom | $526,384,515 | 9 |
| European Commission | $443,118,661 | 2 |
| Hong Kong | $53,243,360 | 4 |
| Switzerland | $33,377,960 | 2 |
| Top 5 Offense Groups | Penalty Total (USD) | Number of Records |
|---|---|---|
| financial offenses | $12,210,737,700 | 168 |
| consumer-protection-related offenses | $3,588,208,197 | 24 |
| competition-related offenses | $2,630,348,701 | 17 |
| employment-related offenses | $2,480,878 | 5 |
| safety-related offenses | $12,650 | 2 |
Related Links
- U.S. Court of Appeals for the 11th Circuit – Official Opinions
- SEC Charges Citigroup for Internal Control Failures (2018)
- Bloomberg coverage of the Oceanografía-Citigroup scandal
- Reuters: Oceanografía sues Citigroup for $5.1 billion
- The New York Times: The Rise and Fall of Oceanografía
