Lawyers

Nelson Mullins Partner Faces Complaint From SEC
Download PDF
1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
Loading...

station_place_380x233

SEC headquarters (Photo courtesy of sec.gov)

 

Summary: While the bank involved in a “pay-to-play” scheme has already settled with the SEC, the SEC is now filing a civil complaint against the attorney involved in the scheme.

  
What
Where


The U.S. Securities and Exchange Commission is accusing a senior partner at Nelson Mullins Riley & Scarborough of playing a part in a “pay-to-play” scheme involving State Street Bank and Trust Co. The illegal scheme involving Robert Crowe, the co-chair of the firm’s government affairs practice, aimed to secure public pension contracts in Ohio.

State Street settled for $12 million with the SEC to avoid further prosecution. Now the SEC is turning to Crowe, filing a civil complaint against him in an Ohio federal court. They claim that he acted as “conduit” for State Street’s corrupt payments to Ohio deputy state treasurer Amer Ahmad.

The alleged scheme is believed to have involved an agreement between Ahmad and Vincent DeBaggis, the former head of State Street’s public funds group. Under the agreement, DeBaggis made payments in the form of cash and campaign funds to Ahmad in return for public pension fund contracts.

Get JD Journal in Your Mail

Subscribe to our FREE daily news alerts and get the latest updates on the most happening events in the legal, business, and celebrity world. You also get your daily dose of humor and entertainment!!




State Street settled with the SEC but isn’t admitting to the allegations against them. DeBaggis, who no longer works at State Street, also settled with the SEC for around $274,000 in penalties, disgorgement and prejudgments interest.

According to the SEC complaint, “Crowe met Ahmad’s demand for campaign contributions by illegally filtering $16,000 through his personal bank account and reimbursing individuals for contributions made in their own names.” In addition, “Crowe continued to make secret illicit campaign contributions until at least September 2010 in response to Ahmad’s threats that State Street would lose the business.”



In a statement to The Am Law Daily, Nelson Mullins general counsel James Gray Jr. stressed, “It is important to remember that the complaint filed by the Securities and Exchange Commission contains allegations against Mr. Crowe that have not yet been proven in court.”

State Street was represented by William McLucas of Wilmer Cutler Pickering Hale and Door. DeBaggis was represented by Pravin Rao at Perkins Coie.

Source: http://www.americanlawyer.com/id=1202747161552/SEC-Targets-Nelson-Mullins-Partner-in-Alleged-PaytoPlay-Scheme

Source: http://www.sec.gov/news/pressrelease/2016-8.html

Photo courtesy of sec.gov



 

Interesting Legal Sites You May Like


BCG FEATURED JOB

Locations:

Keyword:



Search Now

Junior Litigation Attorney

USA-TX-Dallas

Dallas office of our client, a Chambers ranked law firm, is actively seeking associates to join our ...

Apply Now

Investment Funds Attorney

USA-NY-New York City

New York City office of our client is seeking a mid-level attorney with hedge fund, private equity, ...

Apply Now

Intellectual property litigation attorney

USA-CA-San Francisco

San Francisco AmLaw office is seeking an intellectual property litigation attorney with 2-5 years of...

Apply Now

RELEVANT JOBS

Administrative Attorney

USA-IL-Chicago

Do you organize the social events for friends, family and co-workers? Are you someone who self-i...

Apply now

Intellectual Property Counsel – Prosecution

USA-MA-Brookline

Intellectual Property Counsel – Prosecution Dana Farber Cancer Institute Brookline, MA ...

Apply now

Associate Attorney

USA-CA-Walnut Creek

Statewide Applicants law firm looking for associate attorney to manage and handle significant caselo...

Apply now

Attorney, Child Welfare & Legal Advocacy

USA-CA-Oakland

NCYL seeks an Attorney to work on impact litigation and policy initiatives on behalf of children and...

Apply now

SEARCH IN ARCHIVE

To Top