« on: November 13, 2009, 04:12:22 PM »
http://blog.al.com/spotnews/2009/11/jefferson_county_sues_larry_la.htmlJefferson County sues Larry Langford, JP Morgan
By Barnett Wright -- The Birmingham News
November 13, 2009, 2:25PM
Jefferson County sued former county commission President Larry Langford, JP Morgan Securities Inc. and JPMorgan Chase & Co. today, contending some of the deals to pay for sewer system work involved fraud and unjust enrichment. [Jefferson County suit.pdf]
The complaint, filed in Jefferson County Circuit Court today, also names as defendants Montgomery investment banker Bill Blount, lobbyist Al LaPierre, and former JPMorgan bankers Charles LeCroy and Douglas MacFaddin.
A week ago JPMorgan agreed to pay $75 million in penalties and forfeit $647 million in fees to settle an investigation the Securities and Exchange Commission of an unlawful payment scheme in Jefferson County sewer-financing deals.
The SEC in that case alleged that New York-based JPMorgan Securities and LeCroy and MacFaddin made more than $8 million in undisclosed payments to close friends of certain Jefferson County commissioners to win county bond and swap business.
Late last month, former Birmingham Mayor and County Commissioner Larry Langford was convicted by a federal jury of 60 counts, including bribery, money laundering, conspiracy and fraud. Langford was accused of accepting more than $236,000 in cash, jewelry and gifts from Blount and LaPierre in exchange for steering county business to his firm, Blount Parrish & Co.
Blount and LaPierre pleaded guilty in the case and testified they made cash payments to Langford while he was commission president.
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Now I may be an idiot, but there is one thing I am not, sir, and that, sir, is an idiot.
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