A former Bank of America Corp. senior vice president, who cooperated with prosecutors probing a conspiracy to rig bids in the $3.7 trillion municipal bond market, won’t go to jail for his role in the scheme.
CDR Financial Products Inc. founder David Rubin, who pleaded guilty in a municipal bond bid-rigging scheme, is seeking house arrest or community service instead of the more than 19 years in prison recommended by U.S. officials, according to court papers.
CDR Financial Products Inc. and its founder, David Rubin, pleaded guilty less than a week before trial on charges tied to a federal investigation of bid- and auction-rigging in the municipal bond market.
CDR Financial Products Inc.’s David Rubin, who says his wife is in the final stages of terminal cancer, lost a bid to postpone his trial on bid-rigging charges, which is scheduled to begin next week in New York.
Six former HSH Nordbank AG executives were charged with breach of trust and accounting crimes over their role in collateralized-debt obligations that led to writedowns of 500 million euros ($647 million) in 2008.
CDR Financial Products founder David Rubin , facing federal charges of rigging bids in the municipal bond market, asked a judge in New York to transfer the case to Los Angeles so he can care for his wife, who has cancer, and four children at home.
Daniel Mudd, the former chief executive officer of Fannie Mae, and Richard Syron, ex-CEO of Freddie Mac, were sued by the U.S. Securities and Exchange Commission for understating by hundreds of billions of dollars the subprime loans held by the firms.