Saturday, August 1, 2015

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 drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

Reach Joseph N. at JoeD@phillynews.com, distefano251@gmail.com, 215.854.5194 or 302.652.2004.

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

Joseph N. DiStefano
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