Former BofA VP avoids prison in bond-rigging probe

Bank Of America Building

A former senior vice president at Bank of America who became a cooperating witness in the U.S. government's probe of bid-rigging in the $3.7tril municipal bond market avoided prison time or other punishment at his sentencing on Tuesday.

Reuters reports that Douglas Campbell, who marketed investment agreements and other municipal finance contracts while working in the bank's New York office, in 2010 pleaded guilty to three counts of conspiracy to restrain trade, conspiracy and wire fraud.

At a hearing in Manhattan, U.S. District Judge Kimba Wood issued a sentence that included no jail time, probation or monetary penalty. She said Campbell deserved leniency for cooperating with federal investigators for more than eight years.

'He helped the government shape the case and led the government to other cooperators', Wood said.

Campbell, 48, became the seventh person to plead guilty in connection with the antitrust investigation, which has since resulted in numerous convictions and $743m in settlements with Bank of America, UBS, General Electric, JPMorgan and Wells Fargo.

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REFILE - Ex-Bank of America employee avoids punishment in bid rigging case

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