101-Count Indictment involving the mayor, a bond underwriter and a lobbyist...
source: http://www.bloomberg.com/apps/news?pid=20601103&sid=agT26ZZSbwXY&refer=us
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A 101-count federal indictment unsealed today charges Birmingham Mayor Larry Langford, Montgomery investment banker William Blount, Blount Parrish and Co. and longtime Langford friend Al LaPierre with a series of crimes in connection with Jefferson County bond transactions and swap agreements.
A special grand jury for several months has been investigating county bond deals and Langford's financial dealings. Langford was Jefferson County Commission president 2002-06.
Langford, the former president of the Jefferson County Commission, was brought in to face charges he accepted $235,000 in cash and checks to influence and reward him in connection with bond deals and swaps.
Larry Langford, a Democrat, was accused of soliciting $235,000 from William Blount, chairman of Montgomery, Alabama- based bond underwriter Blount Parrish & Co. and lobbyist Albert LaPierre. William Blount helped Langford get a $50,000 loan, and paid for jewelry, a Rolex watch, an Ermenegildo Zegna suit and clothes from Salvatore Ferragamo, according to the indictment. Blount Parrish received about $7.1 million in fees in connection with the deals, which refinanced debt issued for the county's sewer system.
Langford, 60, "sold out his public office to his friends," said U.S. Attorney Alice Martin in a news release. "Through a web of financing agreements, Langford required many institutions to use Blount as a consultant so Blount would make fees and, in turn, pay off Langford. It was a classic pay-to- play scheme."
Langford, named in 60 counts, was also charged with filing false income tax returns. The government seeks forfeiture of $7.6 million from the three men.
A special grand jury for several months has been investigating county bond deals and Langford's financial dealings. Langford was Jefferson County Commission president 2002-06.
Langford, the former president of the Jefferson County Commission, was brought in to face charges he accepted $235,000 in cash and checks to influence and reward him in connection with bond deals and swaps.
Larry Langford, a Democrat, was accused of soliciting $235,000 from William Blount, chairman of Montgomery, Alabama- based bond underwriter Blount Parrish & Co. and lobbyist Albert LaPierre. William Blount helped Langford get a $50,000 loan, and paid for jewelry, a Rolex watch, an Ermenegildo Zegna suit and clothes from Salvatore Ferragamo, according to the indictment. Blount Parrish received about $7.1 million in fees in connection with the deals, which refinanced debt issued for the county's sewer system.
Langford, 60, "sold out his public office to his friends," said U.S. Attorney Alice Martin in a news release. "Through a web of financing agreements, Langford required many institutions to use Blount as a consultant so Blount would make fees and, in turn, pay off Langford. It was a classic pay-to- play scheme."
Langford, named in 60 counts, was also charged with filing false income tax returns. The government seeks forfeiture of $7.6 million from the three men.
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grenIdbandit
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never a dull moment in " tha 'ham", this is the guy that wants to put a computer in every child in the city too!
- 3 years ago
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grenIdbandit
