Former Direct Access Partners heads charged in bribery scheme

Benito Chinea and Joseph De Menses are accused of paying $5 million in kickbacks to a Venezuelan official

In May 2013, the former chief executive and a former managing director of Direct Access Partners, a now-defunct broker-dealer, were arrested in Miami for attempting to bribe Venezuelan officials. And now, in court on April 14, the two are charged with a host of improprieties, including bribery, money laundering and obstruction of justice.

Former CEO Benito Chinea and former managing director Joseph De Menses are accused of paying $5 million in kickbacks to Maria de los Angeles Gonzales, a vice president of Venezuela’s state-controlled bank Banco de Desarrollo Económico y Social de Venezuela, in exchange for government contracts. The scheme involving Chinea, De Menses, and three other Direct Access Partners employees helped lead to the broker-dealer’s collapse.

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Zach Warren

Zach Warren is Assistant Editor of InsideCounsel magazine, where he oversees online content submissions and administers InsideCounsel's enewsletters. Zach specializes in new media and multimedia...

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