2012-07-19nytimes.com

A former JPMorgan Chase & Co banker pleaded guilty on Wednesday to fraudulently rigging a municipal finance contract 10 years ago.

Alexander Wright, 45, pleaded guilty in Manhattan federal court to one count of conspiracy to commit wire fraud for manipulating the bidding process for a June 2002 contract. The contract was tied to a $31 million bond offering for a New Jersey state healthcare facility.

The plea is the latest in a broad government investigation of the $3.7 trillion U.S. municipal bond market that has focused on rooting out schemes to fix prices and rig bids on bond transactions.


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