August 16, 2011
Alabama Commissioner Committed Securities Fraud in Accepting Payments from Broker-Dealer
A federal district court in Alabama granted summary judgment in favor of the SEC on its claims that Larry Langford, the former president of the Jefferson County, Alabama Commission, violated the securities laws when he accepted payments from a broker-dealer in connection with the award of County bond and swap business -- a not surprising outcome since the Eleventh Circuit Court of Appeals previously affirmed Langford’s conviction and 15-year prison sentence for the same conduct.
The Court found that Langford had engaged in a scheme to enrich himself by accepting payments from Montgomery-based broker William Blount in exchange for awarding Blount’s firm, business on numerous county bond and swap transactions. The Court found Langford’s conduct egregious.
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