Bloomberg reported that former Bank of America executive Phillip D. Murphy pleaded guilty to conspiring to defraud bond investors and the U.S. government through a bid-rigging scheme.

Bloomberg said, according to an interview with a U.S. Justice Department lawyer, that Murphy, former head of the bank’s municipal derivatives desk, admitted in federal court, to manipulating the bidding process for investment agreements covering municipal-bond proceeds.

To read the Bloomberg story click here.