Ex-BofA Exec Cops To Muni Bond Bid-Rigging Scheme

Law360, New York (February 10, 2014, 5:38 PM EST) -- A former Bank of America Corp. executive on Monday pled guilty to fraud and conspiracy charges stemming from his role in a municipal bond-related bid-rigging scheme that has ensnared several major financial institutions and resulted in numerous convictions and guilty pleas.

Phillip D. Murphy, who ran Bank of America’s municipal derivatives products desk from 1998 to 2002, appeared in North Carolina federal court and admitted to his role in the conspiracy with employees of financial products and services firm CDR Financial Products and others. Murphy also...
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