MIAMI, March 3, 2026 /PRNewswire/ — Following the definitive closure of the case against Italo-Venezuelan banker Julio Herrera Velutini after the full and unconditional pardon granted by President Donald J. Trump, Bancrédito Holding Corporation (BHC) is seeking to establish accountability and clarify the handling of the assets of Bancrédito International Bank & Trust Corporation during its liquidation process, according to MP Publishing.
BHC, the bank’s sole shareholder, has initiated judicial proceedings in Puerto Rico and Florida related to asset management and the legal advice received during negotiations with the Financial Crimes Enforcement Network (FinCEN). BHC maintains that these actions led to unnecessary and unfounded measures that harmed the institution.
Luis Zapata, CEO of BHC, stated that the company trusts the courts will act rigorously in this process. “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 once again prevail and the assets will return to their rightful owners.”
Last January, Federal Judge Silvia L. Carreño dismissed the case following the co-defendants’ acceptance of the pardon. The case, which began with public corruption accusations, was later reduced to a minor campaign finance violation and was rendered legally void after the presidential clemency. White House sources told Fox News that the case was a clear example of political persecution.
Malpractice Lawsuits
BHC recently filed a lawsuit against the law firms McConnell Valdés LLC, Holland & Knight LLP, and McDermott Will & Schulte LLP, alleging negligence and professional malpractice during negotiations with FinCEN. The complaint asserts that the attorneys advised the bank to accept a Consent Order that resulted in an unfounded multimillion-dollar fine, despite prior assessments indicating that the institution’s compliance programs were adequate. According to the filing, the attorneys failed to raise available arguments and advised the bank to accept facts they knew to be inaccurate, thereby adversely affecting its regulatory standing.
“Our objective is to protect the assets and institutional legacy that were compromised during this process,” Zapata added. The lawsuits seek to determine whether the process was carried out in accordance with the law or whether, as BHC alleges, actions were taken that require judicial remedy.
In 2023, BHC filed a complaint against Driven Administrative Services, the trustee appointed in Puerto Rico to oversee the liquidation. The filing claims that the sale of assets — including artwork belonging to the Trust that owns the bank, valued at more than $22 million — was unauthorized and unnecessary. According to the trustee’s own reports, the bank was solvent after having repaid all depositors. Under the liquidation agreement, the remaining assets were to be returned to shareholders.
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SOURCE MP Publishing
