Judge advances trial against Alvise financier Romillo on aggravated fraud charges
Judge José Luis Calama has closed the investigation and sent Álvaro Romillo to trial for alleged aggravated fraud and criminal organization linked to the Madeira Invest Club.
The National Court’s José Luis Calama issued a ruling on Monday that ends the investigative phase of the case dubbed Madeira, centered on the Madeira Invest Club owned by Álvaro Romillo. The magistrate has moved Romillo to trial on accusations of aggravated fraud and involvement in a criminal organization, emphasizing the gravity of the conduct and the broad impact on victims. He warned that the offenses could carry prison sentences ranging from four to eighteen years, potentially totaling up to 26 years for Romillo.
The indictment also includes Romillo’s partner Mihaela Munteanu and his father Domingo Romillo. The case stems from payments made to Alvise Pérez during his campaign for the European elections, which authorities allege formed part of a large-scale fraud scheme.
Why it matters
The trial could result in lengthy prison terms for a high-profile businessman and affect many investors tied to the alleged fraud.
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