Rep. Johnson: ACPERA Fighting Major Financial Crimes

Press Release

Rep. Hank Johnson (GA-04) is pleased to report that a tough antitrust criminal law he helped pass in 2010 has resulted in $137 million settlement with Bank of America.

Earlier this year, Johnson -- along with other members of the House Judiciary Committee -- co-sponsored legislation to extend the Antitrust Criminal Penalty Enhancement and Reform Act (ACPERA), for another 10 years.

The statute, which encourages whistle-blowing activity by participants in large, corporate price-fixing conspiracies, was directly responsible for the discovery of a major municipal bond derivatives bid rigging conspiracy perpetrated by some of our country's largest banking institutions, as announced by the Department of Justice earlier this month.

Bank of America agreed this month to pay $137.3 million in restitution to federal and state agencies for its participation in a conspiracy to artificially lower bid prices in the municipal bond derivatives market. Read more.

ACPERA also helped indict three former executives of a financial services company for participating in similar crimes related to bidding for contracts for investment of municipal bonds. Read more.

"Local and state governments are having a tough enough time with their budgets as it is," said Johnson. "I'm just glad that my colleagues and I could provide Department of Justice with the tools it needs to uncover these crimes and help protect our cities, counties and states from fraud," said Johnson.

Congressman Hank Johnson is a member of the Armed Services, Judiciary and Transportation and Infrastructure committees and chairs the Judiciary Subcommittee on Courts and Competition Policy.

Source