U.S. prosecutors amassed almost 700,000 tape recordings and 125 million pages of documents during an investigation that lasted more than three years, lawyers have said.The government has identified more than 200 transactions that were rigged by 16 banks, according to a Justice Department list filed in the criminal case on March 24. The list was later sealed by U.S. District Judge Victor Marrero, who is presiding over both cases in Manhattan.
More than 20 individuals were identified as co- conspirators, including six former bankers with Charlotte, North Carolina-based Bank of America and five former bankers with New York-based JPMorgan.The Justice Department today sought to limit the pre-trial exchange of information among parties in the civil lawsuit. Jannaco argued against releasing the tapes to any lawyers outside of the class-action.
“The tapes contain actual conversations of collusive conduct,” including “material at this point we don’t want to have to disclose to protect our grand jury investigation,” she said.In October, a grand jury indicted David Rubin, founder of Beverly Hills, California-based CDR Financial Products Inc., along with the firm’s former chief financial officer and a vice president for taking kickbacks for running sham auctions for the investments. All three deny wrongdoing. Three former CDR employees and one former UBS AG employee have pleaded guilty in the criminal probe.
Providing Evidence
Bank of America has been providing prosecutors with evidence since at least 2007. The bank voluntarily reported its own illegal activity and agreed to cooperate with the Justice Department, according to a statement from the company. Bank of America has also provided information to plaintiffs in the civil antitrust class action.
It should be noted that the thrust of the story is not about the vastness of the documentary evidence, but the possibility that more financial houses and individuals mat be targeted for their role in the muni-bond scandal.
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