NYT - July 21, 2012 - Phillip D. Murphy, former head of Bank of America's Municipal Derivitives trading desk faced indictment for wire fruad, conspiracy to defraud the United States and making false entries in bank records. He joins 13 other individuals of similar crimes who have pled guilty and their banks JPMorgan/Chase, Bank of America, UBS, Wells Fargo and company General Electric have paid $700 million in penalties. Bank of America aided the Justice Department's investgation over a period of 4 years.
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