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SEC obtains settlement in kickback scheme

Jaclyn Jaeger | April 11, 2016

Seven individuals from broker-dealer Direct Access Partners settled charges last week for their role in a massive kickback scheme to secure the bond trading business of a state-owned Venezuelan bank, the Securities and Exchange Commission announced.

Judge Jesse Furman of the U.S. District Court for the Southern District of New York last week entered final judgments against defendants Iuri Bethancourt, Benito Chinea, Tomas Alberto Clarke Bethancourt, Joseph DeMeneses, Jose Hurtado, Ernesto Lujan, and Haydee Pabon.

As Compliance Week previously reported, the SEC and Department of Justice unsealed criminal charges in May 2013 brought against...

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