After more than three years of legal proceedings, the U.S. Department of Justice has dismissed all serious charges against Julio Herrera Velutini, the Venezuelan-British banker and founder of Britannia Financial Group. The case, once framed around allegations of bribery and fraud, has now been resolved with only a minor campaign finance infraction.
DOJ Dismisses Bribery and Fraud Allegations Against Julio Herrera Velutini
According to his attorney, Alex Spiro of Quinn Emanuel Urquhart & Sullivan LLP, prosecutors agreed to drop seven federal charges — including conspiracy, program bribery, and honest services wire fraud. The resolution leaves only a technical violation relating to a 2020 political campaign contribution.
“Mr. Herrera Velutini accepted responsibility for a narrow campaign finance matter, but it is important to note that all corruption allegations were dismissed. The U.S. government itself recognized that the evidence did not support those accusations,” Spiro said.
Final Resolution of the Case
Court filings revealed that Herrera Velutini admitted to a single count of unlawful political contribution under 52 U.S.C. § 30121. The contribution promise, estimated at $2,000–$25,000, was tied to the 2020 primary campaign of former Puerto Rico Governor Wanda Vázquez.
Defense attorneys stressed that no money or assets were ever transferred, and that no finding of bribery, corruption, or fraud was made.
“This was a pledge of support during the early COVID-19 crisis, intended to help Puerto Rico stabilize. On legal advice, my client never carried out that contribution — no funds or value ever changed hands,” Spiro clarified.
Julio Herrera Velutini’s Reputation Restored
With this resolution, the long-running case that clouded the banker’s reputation is now closed.
“The agreement confirms what we have argued since the beginning: there was no quid pro quo, no bribery scheme, and no fraud. The evidence simply never supported those allegations. This outcome reaffirms my client’s integrity,” Spiro added.
Looking Ahead
As the steward of a seven-generation financial legacy across Europe and the Americas, Julio Herrera Velutini is now free to focus on his role as a global financier and philanthropist.
“Justice has recognized the truth. Mr. Herrera Velutini is ready to move forward with renewed peace of mind,” his attorney concluded.
