According to the filing, which was made in a district court in New York, Dominick P Carollo, Steven E Goldberg and Peter S Grimm committed the crimes while involved in work connected to the bidding process surrounding municipal bond contracts.
The three professionals are thought to have conspired with brokers to increase the amount and value of the contracts at the firms where they were employed.
They also broke US Treasury regulations by obtaining information on the price levels and provisions in the bids of their competitors.
George Venizelos, FBI acting assistant director-in-charge, said: âThe elaborate schemes outlined in the indictment boil down to efforts by these defendants to subvert the competitive bidding process for investment agreements.
âIn the process, they defrauded public entities - and therefore, the public - and put bondholders at risk.â
The fraud conspiracy charge carries a maximum penalty of five years in prison and a $250,000 fine while wire fraud could result in a $1 million fine and a 20 year-term in jail.
By Jim Ottewill