SEC v. Bethancourt et al., Case No. 13-cv-3074 (S.D.N.Y.). On June 12, 2013, the SEC announced it filed an amended complaint adding Ernesto Lujan, former head of the Miami office of brokerage firm Direct Access Partners (“DAP”). Last month, the SEC sued four people in connection with creating $66 million in revenue for fraudulent trades executed for Banco de Desarrollo Económico y Social de Venezuela (“BANDES”). According to the SEC, Lujan played a significant part in the fraud, which included fake arrangements to hide kickback payments and routing money to a BANDES official through shell corporations. Lujan’s alleged misconduct also involved tricking DAP’s clearing brokers, executing wash trades, and roundtrip trades to pad revenue. The SEC seeks disgorgement, injunctive relief and civil monetary penalties. The SEC also announced that Lujan was charged by the U.S. Attorney’s Office for the Southern District of New York in a parallel criminal action.
Contributors
-
Recent Posts
- SEC Charges Microsoft Manager Brian Jorgenson and his Friend Sean Stokke with Insider Trading
- SEC Obtains Emergency Relief against Robert Helms and Janniece Kaelin in Alleged Ponzi Scheme
- SEC Charges Fifth Third Bancorp and its Former CFO Daniel Poston with Fraud for Accounting Practices during the Financial Crisis
- SEC Settles Insider Trading Case against Charles Langston III
- SEC Settles Penny Stock Case Against Curt Kramer for $1.4 Million
Archives
Categories
Meta
Other BraunHagey Blogs
-