Banquero venezolano Julio Herrera Velutini busca recuperar sus activos

Bancrédito Holding Corporation (BHC) has initiated a series of legal actions aimed at recovering assets and establishing accountability following the closure of the federal case against its founder, Italo-Venezuelan banker Julio Herrera Velutini. The case was formally concluded after a full and unconditional pardon granted by former U.S. President Donald J. Trump, effectively restoring the legal standing of all involved parties.

The development marks a new phase for the financial institution, which is now focused on reviewing the management of assets during the liquidation of Bancrédito International Bank & Trust Corporation. According to information provided by MP Publishing and reported by The Associated Press, BHC is seeking clarity on decisions made during this process and whether they complied with applicable legal and regulatory standards.

BHC, the sole shareholder of the bank, has activated judicial proceedings in both Puerto Rico and Florida. These actions are primarily centered on the handling of assets and the legal advice received during negotiations with the U.S. Financial Crimes Enforcement Network (FinCEN). The company maintains that certain recommendations led to unnecessary and unfounded measures that caused financial and reputational harm to the institution.

Luis Zapata, Chief Executive Officer of BHC, stated that the organization has full confidence in the judicial system. “With the closure of the criminal case and the presidential pardon that fully restores our founder’s legal standing, we are confident that justice will prevail and the assets will return to their rightful owners,” Zapata said.

The origins of the case date back to 2022, when Herrera Velutini stepped down from Bancrédito following federal bribery allegations linked to former Puerto Rico Governor Wanda Vázquez Garced and former federal agent Mark Rossini. Prosecutors had alleged that financial support was offered for Vázquez Garced’s 2020 campaign in exchange for political influence over the Office of the Commissioner of Financial Institutions (OCIF), which was investigating the bank at the time.

However, the case evolved significantly over time. What began as public corruption charges was later reduced to a minor campaign finance violation. In January, U.S. District Judge Silvia L. Carreño dismissed the case after all co-defendants accepted the presidential pardon, rendering the matter legally void. Reports citing White House sources suggested that the case was viewed in some circles as politically motivated.

In parallel with its asset recovery efforts, BHC has filed malpractice lawsuits against several major law firms, including McConnell Valdés LLC, Holland & Knight LLP, and McDermott Will & Schulte LLP. The company alleges negligence and professional misconduct during its legal negotiations with FinCEN.

According to court filings, BHC claims that its legal advisors recommended accepting a Consent Order that resulted in a substantial multimillion-dollar fine, despite prior internal assessments indicating that the bank’s compliance programs were adequate. The lawsuits further allege that the attorneys failed to present key legal arguments and advised the bank to accept factual assertions they knew to be inaccurate, ultimately damaging its regulatory standing.

“Our objective is to protect the assets and institutional legacy that were compromised during this process,” Zapata emphasized. The legal actions aim to determine whether the decisions made during the regulatory proceedings were consistent with legal standards or whether they warrant judicial correction.

Additionally, BHC has raised concerns about the conduct of the liquidation process itself. In 2023, the company filed a complaint against Driven Administrative Services, the trustee appointed to oversee the liquidation in Puerto Rico. The complaint alleges that certain asset sales, including artwork valued at more than $22 million, were carried out without proper authorization and were unnecessary given the bank’s financial condition.

According to the trustee’s own reports, the bank remained solvent after repaying all depositors. Under the terms of the liquidation agreement, any remaining assets should have been returned to shareholders. BHC contends that deviations from this process must be examined to ensure accountability and transparency.

Financial analysts note that the outcome of these proceedings could have broader implications for regulatory oversight, corporate governance, and legal advisory standards within the banking sector. Cases involving asset recovery and alleged malpractice often serve as benchmarks for future disputes involving financial institutions operating in complex regulatory environments.

For Bancrédito Holding, these legal actions represent a critical effort to restore credibility, safeguard shareholder interests, and reinforce governance standards. As the proceedings unfold across multiple jurisdictions, the company remains focused on securing a resolution that supports long-term stability and institutional recovery.