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Ex-BofA Executive Indicted for Fraud in Bond Probe

A former Bank of America Corp. executive was indicted for allegedly participating in what prosecutors said was a “far-reaching conspiracy” to defraud municipal bond investments through bid rigging.

Phillip D. Murphy, former head of Bank of America’s municipal derivatives desk, was charged with conspiracy to defraud the U.S., wire fraud and conspiracy to make false entries in bank records, according to the indictment filed yesterday in federal court in Charlotte, North Carolina.