Daily News: February 12, 2014

Bloomberg: Ex-BofA Exec Pleads Guilty in Muni Bond Rigging Case

Bloomberg reported that former Bank of America executive Phillip D. Murphy pleaded guilty to conspiring to defraud bond investors and the U.S. government through a bid-rigging scheme.

Bloomberg said, according to an interview with a U.S. Justice Department lawyer, that Murphy, former head of the bank’s municipal derivatives desk, admitted in federal court, to manipulating the bidding process for investment agreements covering municipal-bond proceeds.

To read the entire Bloomberg story, click here.