P.R. Laws tit. 10, § 691e
The Commissioner shall, after due notice and opportunity for an adjudicative hearing, by order prohibit, conditionally or unconditionally, either permanently or for such period of time, as he/she in his/her discretion may deem appropriate in the public interest, any person from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or as an affiliated person of any investment adviser, depositor, or principal underwriter. The Commissioner is also authorized to impose fines for noncompliance with the rules of this section of up to fifty thousand dollars ($50,000) to natural persons, and up to two hundred and fifty thousand dollars ($250,000) to juridical persons, for each violation. Determinations under this section shall be made in accordance with the following guidelines:
(a) If the action or omission involved fraud, deceit, manipulation, or wanton or reckless disregard of a regulatory requirement.
(b) The harm to third parties either directly or indirectly.
(c) The extent to which any person was unjustly enriched, taking into account any restitution made to persons injured by such behavior.
(d) Recidivism in this or any other jurisdiction.
(e) The need to deter such person and other persons from committing such acts.
(f) The ability to pay of the natural or juridical person under investigation.
(g) Such other matters as justice may require.
(h) It shall be grounds for issuing an order to prohibit from serving, to issue a fine, or impose both penalties:
(1) To willfully make or cause to be made in any notification of registration, application, or report filed with the Commissioner under this chapter any statement which, at the time and in the light of the circumstances under which it was made, was false or misleading with respect to any material fact.
(2) To willfully omit or cause to omit a material fact in any notification of registration, application, or report to the Commissioner.
History —July 30, 2013, No. 93, § 8; Nov. 27, 2013, No. 137, § 4.