{"id":5564,"date":"2014-02-12T00:00:00","date_gmt":"2014-02-12T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/02\/exbank_of_america_corp_executi"},"modified":"2022-05-05T11:57:38","modified_gmt":"2022-05-05T16:57:38","slug":"exbank-of-america-corp-executi","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/exbank-of-america-corp-executi\/","title":{"rendered":"Ex-Bank of America Corp. Executive Enters Guilty Plea in Municipal Bond Rigging Scam"},"content":{"rendered":"\n

Phillip D. Murphy, an ex-Bank of America Corp. (BAC) <\/a>executive that used to run the municipal derivatives desk there, has pleaded guilty to wire fraud and conspiracy charges in a muni bond rigging case<\/a> accusing him of conspiring to bilk the US government and bond investors. In federal court, he admitted to manipulating the bidding process involving investment agreements having to do with municipal bond proceeds. <\/p>\n

The illegal activity was self-reported by his former employer. Bank of America has been cooperating with prosecutors that have accused bankers of paying kickbacks to CDR Financial Products to fix bids on investment contracts purchased by local governments. The contracts were bought using money from bond sales.<\/p>\n

According to the indictments, from 1998 to 2006, Murphy and CDR officials conspired to up the amount and profitability of investment deals and municipal finance contracts that went to Bank of America. Murphy purportedly won actions for certain contracts after other banks consented to purposely turn in losing bids. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Phillip D. Murphy, an ex-Bank of America Corp. (BAC) executive that used to run the municipal derivatives desk there, has pleaded guilty to wire fraud and conspiracy charges in a muni bond rigging case accusing him of conspiring to bilk the US government and bond investors. In federal court, he admitted to manipulating the bidding […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3751,3752],"tags":[],"class_list":["post-5564","post","type-post","status-publish","format-standard","hentry","category-bank-of-america","category-financial-firms"],"yoast_head":"\nEx-Bank of America Corp. Executive Enters Guilty Plea in Municipal Bond Rigging Scam — Investor Lawyers Blog — February 12, 2014<\/title>\n<meta name=\"description\" content=\"Phillip D. Murphy, an ex-Bank of America Corp. 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