V.I. Code tit. 9, § 750 (2019)
2019 US Virgin Islands Code|Title 9 - Banking|Chapter 25 - International Banking Center Regulatory Act|Subchapter II - Tax Incentives|§ 750. Penalties for violations

 (a) Any official or employee of an international financial services entity, or of a person of which it is a unit who, on behalf of the international financial services entity receives any investor funds with the knowledge that the international financial services entity is insolvent shall be fined not less than $5,000, but not more than $25,000. (b) Any director, official or employee of the international financial services entity or of the person of which the international financial services entity is a unit, who appropriates, embezzles, removes or voluntarily misuses any monies, funds, credits or securities of an international financial services entity, or who, without due authorization, issues or draws any certificate of deposit, draws any order or bill of exchange, carries out any type of acceptance or assignment of a note, bond, money order, bill of exchange, and any person who, with the same intention, aids or abets any director, official or employee shall be fined not less than $5,000, but not more than $25,000 and may be liable to make restitution. (c) Any director, official, or employee of an international financial services entity or of the person of which the international financial services entity is a unit, who voluntarily misrepresents the financial condition of an international financial services entity or the facts about any transaction to be undertaken, or undertaken by the international financial services entity, or who declines to provide information rightfully requested by the Board shall be fined not less than $5,000, but not more than $25,000. (d) Any applicant or beneficiary who willfully makes a false or fraudulent statement or representation as to any fact required or appropriate to the determination of the eligibility of such applicant or beneficiary for benefits under the Code, this chapter, or the regulations for the continuation or extension of the same, or who willfully makes or presents any claim for benefits under the Code, this chapter or the regulations knowing the claim to be false, fictitious or fraudulent shall be fined not more than $25,000. In addition to a fine, the willful making of a false statements on an application may result in the rejection of the application. (e) If an international financial services entity violates any provision of title 29 Virgin Islands Code, chapter 12, or any rule or provision of its tax incentive benefit certificate, or fails or refuses to perform any duty, requirement or lawful order made by the Board, the international financial services entity is subject to a fine not to exceed $25,000 per violation. (f) The Board shall impose a fine of not less than $5,000, but not more than $25,000 for any violation of sections 718(a), 722, 723, 726, 729 or 740(a). (g) The Board shall impose a fine of not less than $10,000, but not more than $25,000 for any violation of sections 724(a) and 727(a). (h) The Board may impose a fine of not less than $5,000, but not more than $25,000 for any violation of this chapter not specifically enumerated in this section. The Board may impose a late fee of $100 per day not to exceed $10,000 per day, for each day the international financial services entity fails to comply with an order or meet a deadline imposed by the Board. (i) Multiple violations of the provisions set forth in this chapter are separate offenses and fines must be independently assessed. (j) The waiver or the failure to assess a fine for any violation is not a waiver of any other future or concurrent violation. (k) In construing or enforcing any provision of this chapter, the act, omission, or failure of any officer, agent, or person acting for or employed by any international financial services entity, acting within the scope of employment are considered an act, omission, or failure of the international financial services entity. (l) In addition to the imposition of a fine, the Board may also impose any other penalty authorized by law or under the regulations. (m) If any international financial services entity violates any provision of this chapter, any regulation promulgated under this chapter, or any provision of the tax incentive benefit certificate, or fails or refuses to perform any duty, requirement or lawful order made by the Board, such international financial services entity, after notice and an opportunity to be heard, must be fined in accordance with the schedule of fines under this section. These fines must be deposited into the General Treasury Fund. (n) The Attorney General of the Virgin Islands shall, at the request of the Board, bring appropriate action to compel adherence to, or enforce any lawful orders of the Board issued pursuant to this chapter, and to recover in the name of the Government of the Virgin Islands the penalties provided in this subchapter.