SEC
Whistleblower
Advocates

April 08, 2016

Iuri Rodolfo Bethancourt, Benito Chinea, Tomas Alberto Clarke Bethancourt, Joseph DeMeneses, Jose Alejandro Hurtado, Ernesto Lujan, Haydee Leticia Pabon

Municipal Securities Fraud

SANCTION AMOUNT: $42,506,171

Defendants: Iuri Rodolfo Bethancourt, Benito Chinea, Tomas Alberto Clarke Bethancourt, Joseph DeMeneses, Jose Alejandro Hurtado, Ernesto Lujan, Haydee Leticia Pabon

Sanction against personnel of broker-dealer Direct Access Partners after DAP's global markets group executed fraudulent trades for Banco de Desarrollo Económico y Social de Venezuela (BANDES) generating more than $66 million in revenue from transaction fees. A portion of this revenue was illicitly paid to the Vice President of Finance at BANDES, who authorized the fraudulent trades.

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