Ex-BofA Exec Indicted In Municipal Bond Bid-Rigging Scheme

Law360, New York (July 20, 2012, 8:05 PM EDT) -- A former Bank of America Corp. executive was indicted Thursday on conspiracy and fraud charges stemming from his alleged participation in a municipal bond-related bid-rigging scheme that has ensnared several major financial institutions and resulted in several convictions and guilty pleas.

The U.S. Department of Justice says Phillip D. Murphy, who ran BofA's municipal derivatives desk from 1998 to 2002, conspired with financial products and services company CDR Financial Products Inc. and others to rig bids in order to steer municipal bond contracts to BofA....
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