Ex-BofA Executive Pleads Guilty in Muni Bond Rigging Case
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Former Bank of America Corp. executive Phillip D. Murphy pleaded guilty to conspiring to defraud bond investors and the U.S. government through a bid-rigging scheme, prosecutors said.
Murphy, former head of the bank’s municipal derivatives desk, admitted in federal court in Charlotte, North Carolina, to manipulating the bidding process for investment agreements covering municipal-bond proceeds, Steven Tugander, a U.S. Justice Department lawyer, said today in an interview.