The chief executive officer and a managing partner of New York-based U.S. broker-dealer Direct Access Partners (DAP) were arrested and charged with conspiring with others to pay and launder bribes to a senior official in Venezuela’s state-owned economic development bank, Banco de Desarollo Económico y Social de Venezuela (BANDES), in exchange for the official’s directing BANDES’s financial trading business to DAP. The chief executive officer was also charged with conspiring to obstruct an examination of DAP by the U.S. Securities and Exchange Commission (SEC) to conceal the true facts of the DAP’s relationship with BANDES. See Indictment, United States v. Chinea, 14-cr-240 (S.D.N.Y. Apr. 10, 2014). The SEC also brought civil charges against the chief executive officer and managing partner. See Second Am. Compl., SEC v. Bethancourt, 13-cv-3074 (S.D.N.Y. Apr. 14, 2014). Last year, other DAP executives were charged, and some pleaded guilty, to charges stemming from the same conduct. At that time, the SEC also brought civil charges against those executives.