<p>In August 2025, former Puerto Rico Governor <strong>Wanda V&aacute;zquez</strong> and Venezuelan banker <strong>Julio Herrera Velutini</strong> pleaded guilty to campaign finance violations in connection with a bribery scheme involving Bancr&eacute;dito International Bank &amp; Trust Corporation. The scheme allegedly involved funneling over $300,000 to political consultants to support V&aacute;zquez&#39;s 2020 gubernatorial campaign after she demanded the resignation of the head of Puerto Rico&#39;s Office of the Commissioner of Financial Institutions (OCIF). At the time, OCIF was investigating Bancr&eacute;dito for suspicious transactions.</p>

<p><strong>Legal Proceedings:</strong><br />
Initially charged with conspiracy, federal programs bribery, and honest services wire fraud&mdash;each carrying up to 20 years in prison&mdash;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.</p>

<p><strong>Implications:</strong><br />
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.</p>