Alleged Municipal Bond ‘Flipping’ and Kickback Scheme Unraveled by SEC

The perpetrators have agreed to injunctions, to return allegedly ill-gotten gains with interest, pay civil penalties and be subject to industry bars or suspensions, and to cooperate with the SEC’s ongoing investigation. Finally, there will be a trial for the SEC’s charges against RMR associates Richard C. Gounaud, Jocelyn M. Murphy and Michael S. Murphy in U.S. District Court for the Southern District of California.