WASHINGTON — Douglas Lee Campbell, a former senior vice president and marketer in Bank of America’s municipal derivatives group, pleaded guilty Thursday to three criminal counts for engaging in bid-rigging and fraud conspiracies connected with guaranteed investment and other municipal finance contracts.
The Justice Department announced that Campbell had pleaded guilty to a conspiracy to restrain trade, conspiracy, and wire fraud in the U.S. District Court for the Southern District of New York in Manhattan. It did not identify Bank of America, but documents show that is where Campbell worked.
The plea agreement is the seventh in the department’s antitrust probe of the municipal market. Campbell has agreed to cooperate with the ongoing investigation, the Justice Department said.
The counts carry total maximum penalties of 32 years in prison and $1.5 million of fines.
