- Associated Press - Monday, May 18, 2015

WASHINGTON (AP) - Federal prosecutors say a former Bank of America executive has been sentenced to more than two years in prison in connection with a bid-rigging scheme.

The U.S. Department of Justice said Phillip D. Murphy was sentenced Monday to 26 months in prison.

Murphy pleaded guilty in February 2014 to participating in multiple fraud conspiracies and schemes with various financial institutions and brokers from 1998 until 2006. Murphy submitted intentionally losing bids for certain investment agreements and other contracts when requested, and occasionally agreed to pay or arranged for kickbacks to be paid to co-conspirator brokers.

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