Ccsi Week 5

Research a real-world bid rigging current event and submit a one to two paragraph summary of what happened and the website link. 

- A former Bank of America executive has pleaded guilty to participating in a bid-rigging scheme that manipulated how contracts to invest municipal bond proceeds were awarded. The executive, Phillip D. Murphy, worked in Charlotte as the bank’s managing director of municipal derivatives products from 1998 to 2002. Murphy was a player in a fraud conspiracy and wire fraud scheme that also involved a California broker known as CDR Financial Products.

The charges against Murphy are related to a wide-ranging government investigation of the U.S. municipal bond market. In December 2010, four federal agencies and 20 states announced a sweeping $137 million settlement with Bank of America for its role in a scam authorities said defrauded state agencies, cities and nonprofits that sought to invest with banks the millions they borrowed through bond offerings for hospitals, apartment complexes and other projects.

According to a July 2012 indictment, Murphy and co-conspirators manipulated the bidding process to win the investment contracts. CDR Financial Products would give out interest rate and other details on bid submissions in advance, the indictment says. Bidders competing for the contracts would decide ahead of time whose bid would win, the indictment says. As a part of the conspiracy, Murphy and co-conspirators agreed to have kickbacks paid to CDR in exchange for the company’s help in manipulating the bidding process, the indictment says. Bank of America increased its profits from the contracts by paying artificially determined and suppressed low interest rates, the indictment says.

http://www.charlotteobserver.com/news/business/banking/article9096125.html#storylink=cpy

You have been hired to investigate what happened and to see if bid rigging and/or cyber stalking has occurred. Submit four to five paragraphs describing in...