Defendant Name: State Street Bank and Trust Company

Defendant Type: Subsidiary of Public Company
Public Company Parent: State Street Corporation
SIC Code: 6022
CUSIP: 85747710

Initial Case Details

Legal Case Name In the Matter of State Street Bank and Trust Company
First Document Date 14-Jan-2016
Initial Filing Format Administrative Action
File Number 3-17055
Allegation Type Municipal Securities & Public Pensions

Violations Alleged

Exchange Act
Sec 10(b) + Rule 10b-5


First Resolution Date 14-Jan-2016
Headline Total Penalty and Disgorgement

See Related Documents

Related Documents:

2016-8-State Street 14-Jan-2016 Press Release--Administrative Proceeding
SEC Charges State Street for Pay-to-Play Scheme
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."
34-76905 14-Jan-2016 Administrative Proceeding
Order Instituting Cease-and-Desist Proceedings Pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-and-Desist Order
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."

Related Actions:

In the Matter of Vincent J. DeBaggis
SEC v. Robert B. Crowe