WASHINGTON - The Securities and Exchange Commission yesterday filed securities fraud and related charges against Birmingham Mayor Larry Langford, Alabama bond dealer William Blount and his firm Blount Parrish & Co., as well as lobbyist Albert LaPierre, over undisclosed payments Blount made to Langford in return for participation in Jefferson County lucrative municipal bond and swap deals.

The 40-page, six-count complaint, which was filed in a federal court in Birmingham, marks the commission's first enforcement action involving security-based swap agreements, in this case swaps based on muni bond indexes. According to the complaint, Langford selected Blount Parrish to participate in every Jefferson County muni bond offering and security-based swap agreement transaction during 2003 and 2004 in return for payments made to Langford via LaPierre, a long-time friend of both men.

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