US: No jail for bid-rigging BoA exec

A former Bank of America top-level executive who pleaded guilty to charges of his involvement in a conspiracy to rig the municipal bond market will avoid jail time after he became a cooperating witness for the federal investigation into the matter.

Former BoA senior vice president Douglas Campbell pleaded guilty in 2010 to three counts of wire fraud, conspiracy and conspiracy to restrain trade. But US District Judge Kimba Wood ruled Tuesday that Campbell should not be ordered to serve jail time, probation or pay a fine because of his cooperation for more than eight years with Department of Justice investigators.

Campbell was accused of submitting deliberately-losing bids to CDR Financial Products for municipal contract auctions in order to create a false impression of competitive bidding, according to reports.

Bank of America has paid more than $157 million in settlements from state and class action cases surrounding the bank’s alleged bid-rigging involvement. UBS, JPMorgan Chase and other institutions have been convicted of the market manipulation charges.

Full Content: Reuters

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