Ex-State Street Exec Resolves Civil Case Over Securities Fraud

A former executive vice president of State Street Bank and Trust Co. who was convicted of securities fraud has resolved a civil enforcement action under an agreement carrying no monetary penalties.

Judge Douglas P. Woodlock, of the US District Court for the District of Massachusetts, approved the agreement between the Securities and Exchange Commission and Ross McLellan imposing a permanent injunction barring him from violating federal securities law in a Monday order.

A jury convicted McLellan on June 26, 2018, on securities and wire fraud counts for his role in a scheme to defraud overseas institutional investors by applying ...