Ex-Bank Of America Marketer Tells Jury He Helped Rig Bids
Via Bloomberg:
A former Bank of America Corp. municipal bond marketer testified that he conspired with four former members of the UBS AG (UBSN) municipal derivatives group to rig bids and fabricate work on transactions.
Doug Campbell, a senior marketer in the municipal reinvestment and municipal interest rate hedging group at Bank of America from 1998 to 2002, told a Manhattan federal jury yesterday that he worked with the men at UBS to ensure Bank of America won bids.
“Generally, it was a conspiracy to allocate and rig bids in the municipal reinvestment market,” Campbell said. When UBS employees initially approached him about an arrangement in which he would get bid information in advance, “I did not turn down the offer,” he said.
