SECURITIES AND EXCHANGE COMMISSION
Litigation Release No. 21595 / July 20, 2010
FINAL JUDGMENTS OF PERMANENT INJUNCTION AND OTHER RELIEF ENTERED AGAINST DEFENDANTS WILLIAM B. BLOUNT, BLOUNT PARRISH & CO., INC., AND ALBERT W. LAPIERRE
Securities and Exchange Commission v. Larry P. Langford, et al., Case No. CV-08-0761-AKK (N.D. AL)
The Securities and Exchange Commission announced that on July 14, 2010, the Honorable Abdul K. Kallon, United States District Judge for the Northern District of Alabama, entered Final Consent Judgments of Permanent Injunction and Other Relief against Defendants William B. Blount (Blount), Blount Parrish & Co., Inc. (Blount Parrish), and Albert W. LaPierre (LaPierre). Without admitting or denying the allegations in the Commission's complaint, Blount, Blount Parrish and LaPierre consented to the entry of injunctions against future violations of Section 17(a) of the Securities Act of 1933, Sections 10(b) and 15B(c)(1) of the Securities Exchange Act of 1934 and Exchange Act Rule 10b-5, and Municipal Securities Rulemaking Board Rules G-17 and G-20. The Final Judgments also dismiss the Commission's claims for disgorgement, prejudgment interest and civil penalties against Blount, Blount Parrish and LaPierre.
The Commission commenced this action by filing its Complaint on April 30, 2008, against Blount, Blount Parrish, LaPierre and the former Birmingham Mayor Larry P. Langford. The Commission's complaint alleged that while Langford served as president of the County Commission of Jefferson County, Alabama, he accepted more than $156,000 in undisclosed cash and benefits over the course of two years from Blount, the chairman of Blount Parrish. According to the complaint, Langford selected Blount Parrish to participate in every Jefferson County municipal bond offering and security-based swap agreement transaction during 2003 and 2004, from which Blount Parrish received over $6.7 million in fees. Moreover, the Commission alleged, Langford and Blount concealed the payment scheme by using their long-time friend, LaPierre, an Alabama registered political lobbyist, as a conduit.
For more information on earlier actions in this case, see LR-20545 (April 30, 2008) and LR-20821 (Dec. 5, 2008).