JP Morgan Chase today agreed to pay $228 million to settle allegations that it had rigged almost 100 municipal bond auctions between 1997 and 2005. WSJ reports one of the big claims in the case was that the bank got the guys handling auctions to give them a “last look” at all of the bids, so that JP Morgan could win all of the auctions. [More]
municipal bonds
SEC Charges BofA With Setting Up Fake Bids To Defraud Munis
By 12.7.10
The SEC has charged Banc of America with fraud for rigging municipal bond sales with dummy bids, defrauding hospitals, schools, and other state-run organizations. The bank will pay $137 million to settle these charges. [More]
