The four accused charged by the SEC in Manhattan federal court include Tomas Alberto Clarke Bethancourt, Iuri Rodolfo Bethancourt, Jose Alejandro Hurtado and Haydee Leticia Pabon.
Maria Gonzalez was the vice president of finance/executive manager of finance and funds administration at Venezuelan sovereign, Banco de Desarrollo Económico y Social de Venezuela (BANDES).
DAP Global generated more than $66m in revenue for DAP from transaction fees, while Gonzalez received a bribe from revenue earned for authorizing the fraudulent trades, claim the US watchdog.
Commenting on the fraud, SEC New York regional office director Andrew Calamari said that these traders triggered a fraud that was "staggering in audacity and scope."
"They thought they covered their tracks by using offshore accounts and a shadow accounting system to monitor their illicit profits and bribes, but they underestimated the SEC’s tenacity in piecing the scheme together," Calamari added.
In a similar action, the US Attorney’s Office for the Southern District of New York initiated a criminal proceeding against Gonzalez as well as Clarke and Hurtado.
Charging Clarke, Bethancourt, Hurtado, and Pabon with fraud, the SEC’s complaint seeks final judgements under which they will have to pay back illicit profits with interest as well as pay financial penalties.
