WASHINGTON — Bank of America Securities LLC, now Bank of America Merrill Lynch, has agreed to disgorge more than $36 million of ill-gotten gains and to pay an additional $101 million to other federal and state authorities to settle securities charges over its part in a scheme to rig bids for contracts to invest municipal bond proceeds.
“This ongoing investigation has helped to expose the widespread corruption in the municipal and reinvestment industry,” said Robert Khuzami, Securities and Exchange Commission enforcement director, announcing the settlement Tuesday.
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