Bank of America executive gets 2 years, 2 months

Bank Of America Building

A former Bank of America executive was sentenced to two years and two months in prison on Monday after pleading guilty to participating in a scheme to defraud cities and towns by rigging bids to invest municipal bond proceeds.

Reuters reports that Phillip Murphy, 57, the former managing director of Bank of America's municipal derivatives products desk, was the last of 17 convicted defendants to be sentenced in a case spilling out of a broad bid-rigging investigation involving the $3.7tril municipal bond market.

The investigation resulted in five banks agreeing to pay $743m to settle with federal and state authorities, including Bank of America, which reached a $137.3m deal in 2010.

To access the complete Reuters article hit the link below:

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