Daily News: July 23, 2012

Former BofA Exec Indicted in Muni Bond Probe


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

Bloomberg said that 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 in federal court in Charlotte, NC.

To read the Bloomberg story, click here.