2023 Laws of Puerto Rico › TITLE SEVEN - Banking (§§ 1 — 3116) › PART VII - Other Financial Institutions (§§ 3001-3012 — 3116) › Chapter 145 - International Financial Center Regulatory Act (§§ 3081 — 3106) › § 3097 - Penalties

(a) If any director, official, or individual acting in a similar capacity of an international financial institution or of a person of which the international financial institution is a unit, violates, or voluntarily or negligently allows any director officer, agent, or employee of the international financial institution or of the person of which the international financial institution is a unit, to violate the provisions of this chapter, the regulations of the Commissioner, or any provision of the certificate of incorporation, partnership agreement or other written document establishing the international financial institution, the Commissioner shall schedule and summon the interested parties to an administrative hearing pursuant to the regulations provided in § 3099 of this title. Once the hearing is held and after the Commissioner determines that a provision mentioned in this subsection has been violated, he/she shall take the corresponding action, including the suspension or dismissal of such director, officer, or individual.
(b) Any official or employee of an international financial institution, or of a person of which it is a unit, who, on behalf of such international financial institution, receives any deposit or contract for a loan knowing that the international financial institution or the person of which it is a unit is insolvent, shall commit a felony and, upon conviction, shall be punished by imprisonment for not less than three (3) years nor more than seven (7) years, or by a fine of not less than five thousand five hundred dollars ($5,500) nor more than ten thousand dollars ($10,000) or by both penalties at the discretion of the court.
(c) Any director, official, or employee of the international financial institution or of the person of which the international financial institution is a unit, who unlawfully takes, embezzles, removes, or voluntarily misuses any moneys, funds, credits, or securities of an international financial institution, 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 to violate any provision of this section, shall commit a felony and, upon conviction, shall be punished by imprisonment for a term of not less than ten (10) years nor more than twenty (20) years, or by a fine of not less than fifteen thousand dollars ($15,000) nor more than thirty thousand dollars ($30,000), or by both penalties at the discretion of the court.
(d) Any director, official, or employee of an international financial institution or of the person of which the international financial institution is a unit, who voluntarily misrepresents the financial condition of an international financial institution or about any transaction to be carried out by, or carried out by the international financial institution, or who declines to provide information legally requested by the Commissioner, shall commit a felony and, upon conviction, shall be punished by imprisonment for not less than five (5) years nor more than ten (10) years, or by a fine of not less than eight thousand dollars ($8,000) nor more than seventeen thousand dollars ($17,000), or by both penalties at the discretion of the court.
(e) The aforementioned provisions in this section shall not be construed as to limit the power of the Commissioner to impose administrative fines for violations of the provisions of this chapter or of the regulations of the Commissioner.
History —Sept. 25, 2012, No. 273, § 18.