P.R. Laws tit. 10, § 889
(a) Any person who willfully violates any provision of this chapter except § 884 of this title, or who willfully violates any regulation or order promulgated under the provisions of this chapter, or who willfully violates § 884 of this title knowing that the statement made is false or misleading in any material respect, shall, upon conviction, be fined not less than five hundred dollars ($500) nor more than ten thousand dollars ($10,000), or imprisonment for a term of not less than six (6) months nor more than five (5) years, or both penalties. No proceeding may be initiated more than five (5) years after the alleged violation. Original jurisdiction to hear these cases is hereby conferred to the Court of First Instance.
(b) The Commissioner may refer such evidence as is available in connection with violations of this chapter, or of any regulation or order promulgated hereunder, to the Secretary of Justice, who may, with or without such a reference, initiate the appropriate criminal procedure pursuant to the provisions of this chapter.
(c) Nothing in this chapter limits the power of the state to punish any person for any conduct which constitutes a crime under the Penal Code.
(d) The Commissioner may, in addition to the other remedies established in this chapter, or in substitution thereof, impose upon any person who violates any of the provisions of this chapter, regulations or orders promulgated hereunder, an administrative fine of not less than five hundred dollars ($500) nor more than five thousand dollars ($5,000) for each violation. The Commissioner may impose an additional fine equal to the total amount of the price paid for any securities offered or sold in violation of the provisions of this chapter, and/or order the return of such a price to the purchasers who so accept, plus interest at the interest rate applicable to judicial decisions as provided by the regulations approved to such effects by the Financial Board created by §§ 2001 et seq. of Title 7. If the person upon whom the administrative fine is imposed is not in agreement with it, he/she shall request a hearing, in writing, within ten (10) days following the date of notice. If the person agrees, he/she shall pay the fine no later than the expiration of said ten (10) days, at the Office of the Commissioner, by certified check or money order payable to the Secretary of the Treasury. The injured party shall have the remedy provided in § 891 of this title against the determination of the Commissioner imposing an administrative fine.
History —June 18, 1963, No. 60, p. 128, § 409; May 31, 1967, No. 83, p. 289, §§ 1, 2; July 1, 1986, No. 60, p. 209, § 4; Aug. 28, 1991, No. 77, § 7; Aug. 11, 1996, No. 114, § 21.