Friday, February 12, 2016

Millions for PA towns in BofA bid-rigging ripoff: Updates

Settlement of a federal bid-rigging investigation yields millions for Philadelphia-area communities ripped off by Bank of America

Millions for PA towns in BofA bid-rigging ripoff: Updates

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Montgomery County PA will collect $2 million, Downingtown Area School District will collect $1.1 million, New Jersey Transit will get over $300,000, and dozens more local counties, towns and agencies will share in $137 million Bank of America is paying back after the Securities and Exchange Commission, Treasury Department's Office of the Comptroller of the Currency, Internal Revenue Service, and state attorney generals settled charges of municipal-bond bid-rigging by the bank re bond deals from the late 1990s and early 2000s.

The investigation "is continuing", and more cases are likely, Elaine Greenberg of the Philadelphia SEC office told me. Montgomery County and Downingtown school officials told me they are pleasantly surprised.

More in my column in today's Inquirer

USDJ statement here. - OCC statement here. - SEC statement here.

Separately, an ex-JPMorgan employee is busted for municipal bond bid-rigging. - More here.

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About this blog

PhillyDeals posts interviews, drafts and updates that Joseph N. DiStefano writes alongside his Sunday and Monday columns and ongoing articles about Philadelphia-area business.

DiStefano studied economics, history and a little engineering at Penn. He taught writing and research at St. Joe’s. He has written for the Inquirer since 1989, except when he left a few times to work at Bloomberg and elsewhere. He wrote the book Comcasted, and raised six kids with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, 215.854.5194, @PhillyJoeD. Read his blog posts at http://www.philly.com/PhillyDeals and his Inquirer columns at http://www.philly.com/philly/columnists/joseph-distefano/. Bloomberg posts his items at NH BLG_PHILLYDEAL.

Reach Joseph N. at JoeD@phillynews.com or 215 854 5194.

Joseph N. DiStefano
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