Post by Logan on Jan 15, 2016 0:04:33 GMT -6
State Street Corp. agreed to pay $12 million to settle civil charges with federal securities regulators in an alleged pay-to-play scheme for Ohio pension contracts that also has ensnared a Boston lobbyist and major Democratic party fund-raiser.
An investigation by the Securities and Exchange Commission found that a former State Street executive made a deal with Ohio’s then-deputy treasurer to provide illicit cash payments and campaign contributions in exchange for business.
In return, the SEC said, the Boston-based financial services giant received contracts to handle administrative services for three public pension funds.
State Street disclosed the settlement in a public filing Thursday but neither admitted nor denied the SEC’s allegations.
Continued reading at www.bostonglobe.com/business/2016/01/14/state-street-pay-million-settle-sec-charges/rp9OwrcBfPG26PiEMeZgLP/story.html .
An investigation by the Securities and Exchange Commission found that a former State Street executive made a deal with Ohio’s then-deputy treasurer to provide illicit cash payments and campaign contributions in exchange for business.
In return, the SEC said, the Boston-based financial services giant received contracts to handle administrative services for three public pension funds.
State Street disclosed the settlement in a public filing Thursday but neither admitted nor denied the SEC’s allegations.
Continued reading at www.bostonglobe.com/business/2016/01/14/state-street-pay-million-settle-sec-charges/rp9OwrcBfPG26PiEMeZgLP/story.html .