In recent years, the case against Julio Herrera Velutini, a prominent billionaire and Chairman of Bancredito International Bank & Trust Corporation in Puerto Rico, has garnered significant attention. However, a closer examination of the allegations and circumstances surrounding the case reveals a troubling web of fabrication, political manipulation, and personal vendettas. This researched article aims to provide a comprehensive overview of the events, shedding light on the lack of credible evidence and questionable motives behind the charges against Julio Herrera Velutini, ultimately advocating for his innocence.

 

I. Allegations and Lack of Credible Evidence:

The first point of scrutiny lies with OCIF Commissioner Natalia I. Zequeira Díaz, who filed 350 suspicious activity reports against Bancredito, alleging wrongdoing. However, no credible evidence has been found to substantiate these claims. This raises concerns about the integrity and transparency of the investigation, as the prolonged audit without transparent intentions creates an atmosphere of distrust.

Additionally, it has come to light that private conversations among Bancredito's board members and executives were recorded by Puerto Rican regulators, including conversations recorded by Natalia I. Zequeira Díaz herself on behalf of the FBI. Such actions further undermine the fairness and integrity of the investigation, casting doubt on the validity of the charges against Julio Herrera Velutini.

 

II. Fabricated Cases and Political Motivations:

The initiation of a new investigation based on a survey conducted by C|T Group, which analyzed various aspects of Puerto Rico, suggests a fabricated attempt to implicate Julio Herrera Velutini. Notably, the US government had been aware of this document since April 2020, indicating no wrongdoing on Julio's part. The suspicion arises that political motivations may have influenced the fabrication of the case against him.

Furthermore, Julio Herrera Velutini's strong connections in Washington and the intelligence community have raised concerns among government officials. They fear that he possesses valuable information that could be used against them in court. Consequently, the investigation against Julio is seen as a distraction from the significant issues of corruption and governance problems plaguing Puerto Rico.

 

 

III. Legal Insufficiency of Charges:

Julio Herrera Velutini's defense team argues that the charges brought against him are legally defective and manipulative, lacking essential elements such as an explicit quid pro quo or a specific intent to exchange something of value for an official act. Reference is made to relevant court decisions and legal standards to support the argument for dismissal. The court's decision on the motion to dismiss will play a crucial role in determining the validity of the charges.

 

IV. Derivative Lawsuit and Breach of Fiduciary Duties:

Bancredito Holding Corporation has filed a verified shareholder derivative complaint against Frances Diaz, the former President and CEO of Bancredito, and Maria A. Dominguez-Victoriano, an outside counsel. The lawsuit alleges that they breached their fiduciary duties, resulting in substantial harm to the Bank. This legal action seeks to hold the defendants accountable for damages and implement necessary corporate governance reforms.

 

V. An email correspondence has surfaced that raises serious questions about the judgment made against Bancredito, that was forced into liquidation by corrupt officials influencing an examination.