SEC Prosecutions

SEC Prosecutions

State Street, Former Employee, and Law Firm Partner Charged in Pay-to-Play Scheme; Partially Settled

In the Matters of State Street Bank and Trust Company and Vincent J. DeBaggis, Respondents; and SEC v. Robert B. Crowe

  • $12 Million

State Street and its former employee, respondent DeBaggis, settled charges in January 2016 based on an alleged agreement with Ohio’s then-deputy treasurer, of illicit cash payments and campaign contributions in exchange for lucrative sub-custodian pension fund contracts. State Street agreed to pay $12 million in the settlement. The case against defendant Crowe – who allegedly participated in the scheme as a bag man for campaign contributions – was still pending at the time of this writing/summary.

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