On January 14, 2016, the SEC announced that: "State Street Bank and Trust Company agreed to pay $12 million to settle charges that it conducted a pay-to-play scheme through its then-senior vice president and a hired lobbyist to win contracts to service Ohio pension funds."

On January 14, 2016, the SEC instituted settled cease-and-desist proceedings against State Street Bank and Trust Company. According to the SEC: "In early 2010, Vincent J. DeBaggis ('DeBaggis'), a former employee of State Street Bank and Trust Company ('State Street') who was then a Senior Vice President and head of Public Funds at State Street, entered into an agreement with Amer Ahmad ('Ahmad'), then the Deputy Treasurer of the State of Ohio, to make illicit cash payments and political campaign contributions in exchange for several lucrative subcustodian contracts awarded by the Office of the Treasurer of the State of Ohio ('TOS'). Specifically, from February 2010 through April 2011, DeBaggis caused State Street to pay $160,000 to Mohamed Noure Alo ('Alo') in purported lobbying fees, a substantial portion of which actually operated as kickbacks to Ahmad. In addition, DeBaggis, aided by Robert B. Crowe ('Crowe'), a State Street lobbyist, arranged for at least $60,000 in political contributions to the Treasurer's election campaign. DeBaggis undertook these actions in violation of State Street policies and procedures, and without informing others in State Street management of these actions. In return for these payments and contributions, Ahmad awarded State Street the subcustodian contracts for three Ohio pension funds, which resulted in millions of dollars in revenues for State Street."