SEC Hits Mayor of Birmingham For County Bond Fraud

Law360, New York (April 30, 2008, 12:00 AM EDT) -- The U.S. Securities and Exchange Commission launched a suit Wednesday against the mayor of Birmingham, Ala., and two of his close friends, accusing the trio of fraud involving millions of dollars in municipal bond deals.

The complaint, filed in the U.S. District Court for the Northern District of Alabama, alleges that Mayor Larry Langford accepted more than $150,000 from William Blount, a broker-dealer and municipal securities dealer, for funneling municipal bond offerings and swap agreements to his friend's firm.

The two worked together to secure the...
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