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In August 2025, former Puerto Rico Governor Wanda Vázquez and Venezuelan banker Julio Herrera Velutini pleaded guilty to campaign finance violations in connection with a bribery scheme involving Bancrédito International Bank & Trust Corporation. The scheme allegedly involved funneling over $300,000 to political consultants to support Vázquez's 2020 gubernatorial campaign after she demanded the resignation of the head of Puerto Rico's Office of the Commissioner of Financial Institutions (OCIF). At the time, OCIF was investigating Bancrédito for suspicious transactions.
Legal Proceedings:
Initially charged with conspiracy, federal programs bribery, and honest services wire fraud—each carrying up to 20 years in prison—the charges were later reduced to a violation of the Federal Election Campaign Act, which carries a maximum sentence of one year. The guilty pleas avoided a trial scheduled for late August 2025. Sentencing for all three defendants is scheduled for December 10, 2025.
Implications:
This case underscores the intersection of banking regulation and political corruption, highlighting the significant legal and reputational risks for financial institutions and public officials involved in illicit activities.
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