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US: Former BoA exec fesses up to bid-rigging

 |  February 11, 2014

A former Bank of America executive has reportedly pleaded guilty to a bid-rigging scheme, reports say.

The US Department of Justice announced Tuesday that Former BoA executive Philip D. Murphy has pleaded guilty to a bid-rigging scheme involving defrauding bond investors; the plea is a result from the DOJ’s investigation into allegations banks rigged the bidding process for investment agreements regarding municipal-bond proceeds, say reports.

Bank of America, JPMorgan Chase & Co, UBS, General Electric and Wells Fargo were all probed by the DOJ in the case and all acknowledged that former employees partook in the collusion.

Bank of America self-reported the scheme to officials, say reports.

Full Content: Bloomberg

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