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SEC Brings More Charges in Bribery Scheme

Jaclyn Jaeger | June 12, 2013

The Securities and Exchange Commission today charged the former head of the Miami office at broker-dealer Direct Access Partners (DAP) for his role in a massive kickback scheme to secure the bond trading business of a state-owned Venezuelan bank.

As Compliance Week previously reported, the SEC and Department of Justice unsealed criminal charges last month brought against two employees of U.S. broker-dealer Direct Access Partners (DAP) and a senior executive of Venezuelan state-owned bank Bandes, arising from a massive bribery scheme.

The indictment accused Tomas Clarke and Jose Alejandro Hurtado of paying at least $3.6 million in bribes to Maria de los Angeles Gonzalez de Hernandez, vice president of finance for Bandes, in exchange...

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