SEC Drops Fraud Suit Against Imprisoned Ex-Ala. Mayor

Law360, New York (September 26, 2011, 8:10 PM EDT) -- The U.S. Securities and Exchange Commission announced Monday it had ended a civil suit against an ex-mayor of Birmingham, Ala., who was sentenced to 15 years in prison for participating in a municipal bond bid-rigging scheme that helped push an Alabama county to the brink of bankruptcy.

In a Wednesday ruling, U.S. District Judge Abdul K. Kallon dismissed the SEC's claims for disgorgement, a civil penalty and prejudgment interest against Larry Langford, who was president of the Jefferson County Commission and chairman of its finance committee...
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