The SEC is going after a Boston bank executive to pay back the state of Ohio, saying the executive is linked to a scheme that funneled bribes intended to sway business with the Ohio Treasurer’s Office.

The Federal Securities and Exchange Commission is going after a Boston bank executive to pay back the state of Ohio, saying the executive is linked to a scheme that funneled bribes intended to sway business with the Ohio Treasurer’s Office.

The SEC has alleged that bribes were funneled through former Ohio Deputy Treasurer Amer Ahmad and allegedly secured a lucrative banking contract with the state. That contract was to manage four state pension funds. In exchange, campaign contributions went “to the Treasurer of the state of Ohio.” The treasurer in 2010, at the time of the alleged crimes was Kevin L. Boyce.

He is not named in the federal claims.

On Thursday, the SEC announced they had a settlement with the Street Bank and Trust to pay back $12 million in connection with these bribes. Another Massachusetts bank official, Vincent DeBaggis also agreed Thursday to pay back $174,202 in funds as part of this scheme.

Boyce is now a House Minority Whip and is currently running for Franklin County Commissioner.

"I am angered to just be learning of the extent of Ahmer (sic) Ahmad's heinous actions while in the treasurer's office, just as I was angered to learn of his initial criminal conduct more than two years ago," Boyce told 10TV in a statement. "It is important that justice is served with Ahmad and that all involved in his scheme be prosecuted to the fullest extent of the law. Taxpayers deserve nothing less."

Meanwhile, his attorney Larry James said that Boyce did not know about the alleged bribes and this new action by the SEC does not taint the elected official. “It just shows you he had a crook working for him,” James said.

An SEC administrative proceeding order states that Treasurer Kevin Boyce met with Ahmad, DeBaggis and State Street Bank executive Robert B Crowe March 3rd 2010, at a Columbus law office. Ahmad demanded that State Street Bank make campaign contributions to Boyce’s 2010 campaign at that meeting. Boyce’s attorney, Larry James, said Friday afternoon that meeting did not happen.

James added that he did not think this bribery case reflected poorly on Boyce’s judgement. That’s because Ahmad was at the Ohio Treasurer’s Office when Boyce came in. It was outgoing Ohio Treasurer Richard Cordray who asked Boyce to keep Ahmad, James said.

10 Investigates reached out to current director of the Consumer Financial Protection Bureau Richard Cordray for comment. Cordray’s office did not reply.

The SEC claims added, “Crowe drafted and signed a letter accompanying the $20,395 in campaign contributions to the Treasurer.”

The Ohio Democratic Party said Friday afternoon they have “not been contacted about this matter by the SEC.”

In addition to the announcement of the settlements, the SEC also filed a civil action Thursday against Crowe to force him to pay back the money. Crowe is a lawyer and lobbyist hired by State Street Bank and Trust.

“The SEC’s allegations regarding Mr. Crowe are patently untrue. Moreover, nothing the SEC has alleged would constitute securities fraud, a breach of the SEC’s pay-to-play rules or a violation of any other rule the SEC has authority to enforce. While we are confident that Mr. Crowe will be vindicated in due course, we are disappointed that Mr. Crowe will be required to defend himself and his reputation in a case that the SEC has no basis for bringing,” Crowe’s attorney, Arthur McMahon said.

Boyce’s Former Deputy Treasurer Amer Ahmad was at the center of the alleged schemes. He is currently serving time in federal prison for a separate crime. According to the Department of Justice, from approximately January 2009 through January 2011, Ahmad and others used Ahmad’s role as deputy treasurer to direct official State of Ohio broker services business to Douglas E. Hampton, a securities broker from Canton.