Bank of America has agreed to pay $137 million to settle charges from the Securities and Exchange Commission and state and federal authorities related to its participation in a bid-rigging scheme in the municipal securities market as part of a continuing federal investigation.
The four-year old investigation has found “widespread corruption” in the markets for municipal reinvestments. In those markets, state and local governments and related entities take money that they have raised for public projects, temporarily parking it in securities like guaranteed investment contracts and repurchase agreements until the money was needed to pay for work done on the projects.
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