The following is what the Associated Press is reporting on the matter:

“Gov. Anibal Acevedo Vila has surrendered on federal corruption charges. The governor was going to be fingerprinted and have a mugshot taken as he is booked on 19 criminal counts, FBI spokesman Harry Rodriguez said. Authorities also will take a statement from the governor.

Acevedo spoke briefly with a local FBI official before entering the federal courthouse but did not address reporters.

Hundreds of supporters swarmed the governor’s black sport utility vehicle as it approached the building. Many were waving the flags of Puerto Rico and Acevedo’s party as salsa music blasted at the campaign-style rally Friday morning.

A federal indictment unsealed Thursday accuses Acevedo and a dozen associates in alleged schemes to raise and conceal thousands of dollars in illegal campaign contributions. If convicted, the governor faces up to 20 years in prison.

Acevedo has denied any wrongdoing and accused U.S. investigators in a televised speech of distracting him from trying to revive the island’s recession-bound economy.”

The read the Federal Indictment click here

Recently, the Wall Street Journal reported that Puerto Rico continues to endure an economic slump that the elected officials seem incapable of solving. For example, the consumer-price index, which includes food and fuel prices was up 15%. Water and sewer rates have more than double over the past two years while the electric bills have jumped over 40%.

Meanwhile, Puerto Rico Gross Domestic Product (GDP) is forecasted to decline by 1.4%. In comparison the U.S. economy grew 2.9%. Puerto Rico’s economy, the Journal explains, is essentially built around two sectors: the government and manufacturing which together account for 39% of the island’s jobs and 52% of its GDP. (more…)