(CN) - A former Bank of America executive pleaded guilty Monday to conspiring to defraud investors in municipal bond derivatives, federal prosecutors said.
Phillip D. Murphy managed Bank of America's municipal derivatives desk from 1998 to 2002. He pleaded guilty Monday in North Carolina to conspiracy and wire fraud, and conspiring to make false entries in reports.
Murphy pleaded guilty to two counts of conspiracy and one count of wire fraud. The fraud conspiracy is punishable by up to 5 years in prison and a $250,000 fine, wire fraud by up to 30 years in prison and a $1 million fine, and false bank records conspiracy by up to 5 five years in prison and a $250,000 fine.
He is the 17th person to be convicted or plead guilty in the BofA case.
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