According to a U.S. District Court plea proceeding held in Manhattan on November 29, 2010, former J.P. Morgan Securities, Inc. banker James Leonard. Hertz, a resident of Cranford, N.J., engaged in separate bid-rigging and fraud conspiracies related to the provision of a type of contract, known as an investment agreement, and other municipal finance contracts, including derivatives contracts, to public entities throughout the United States, such as state, county and local governments and agencies. Hertz also pleaded guilty to one count of wire fraud. According to the plea agreement, Hertz has agreed to cooperate with the ongoing investigation.
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