Alabama Mayor Took $ 156000 in the Bond tenders, says SEC
Birmingham, Alabama mayor accepts more than $ 156000 of the head of a regional company, insurance has collected over $ 6.7 million for the cost of borrowing for tenders and interest rate swaps interest of the U.S. Securities and Exchange Commission said.
Mayor Larry Langford received payments is not disclosed, as he is president of the Jefferson County Committee William Blount, chairman of borrowing Underwriter Blount Parrish & Co., after a complaint by the SEC in U.S. District Court in Alabama. Langford selection of Birmingham to the participation of firms in each district, and municipal debt exchange agreement in the years 2003 and 2004, the SEC said.
Blount, his company and lobbyist Albert Lapierre was also pursued by the SEC.
“ The fault of the accused cheated Jefferson County and municipal bond investors,”David Nelson, director of the Office of the SEC in Miami, said in a statement. “ As it is not the disclosure of payments, it deprives the county of Jefferson and investors an objective and impartial analysis of the process of underwriting bonds and negotiations, the swap arrangement.”
The accusations are part by Blount in the role of pension and exchange transactions for the county’s sanitation system which, since most populous countries Alabama tight circle in the direction of bankruptcy. It is the first SEC fraud charges, swaps, in conjunction with local governments and government loans and comes as the Department of Justice is also considering whether the banks conspired to fix prices of products and investment agreements communal
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