The Department of Justice announced March 27 that the former chief executive officer and former managing director of a U.S. broker-dealer were each sentenced to four years in prison for their roles in a scheme to pay bribes to a senior official in Venezuela’s state economic development bank in return for trading business that generated more than $60 million in commissions. The two former officials were also ordered to forfeit the $3.6 million and $2.7 million they earned, respectively, from the bribery scheme. They had each previously pleaded guilty to one count of conspiracy to violate the Foreign Corrupt Practices Act and the Travel Act.
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