SEC Fines State Street, Sues BigLaw Atty Over Pay-To-Play

By Stewart Bishop (January 14, 2016, 2:06 PM EST) -- The U.S. Securities and Exchange Commission on Thursday said a State Street Corp. unit has agreed to pay $12 million to settle allegations that it took part in a pay-to-play scheme to win servicing contracts for Ohio pension funds, while a Nelson Mullins Riley & Scarborough LLP partner is facing accusations of facilitating the purported scheme.

The SEC said the head of a State Street division that acts in a custodial capacity to public retirement funds, Vincent DeBaggis, made a deal with former Ohio deputy treasurer and Chicago comptroller Amer Ahmad to exchange cash payments and political campaign contributions in return...

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