A former New York-based Bank of America executive received tens of thousands of dollars at a time in cash bribes, federal prosecutors say, in exchange for fraudulently helping a New Jersey firm get a line of credit at the bank.
Kurt Phelps, the executive, was arrested Oct. 29 and charged with bank bribery and conspiracy to commit bank fraud.
Phelps’ arrest is a rare instance of an executive at a major U.S. bank arrested for their conduct as a banker.
Full story: Charlotte Observer