(Bloomberg) -- Two former executives at State Street Corp. were indicted in what the U.S. Justice Department said was a "brazen fraud" involving secret commissions applied to billions of dollars in securities trades.

Ross McLellan, 44, and Edward Pennings, 45, were charged with securities fraud, wire fraud and conspiracy in federal court in Boston. They worked for "one of the world's largest asset managers and custody banks," according to the indictment, which didn't identify their employer. State Street spokeswoman Anne McNally didn't immediately return calls and an e-mail seeking comment.

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