Three former General Electric Co. bankers were sentenced to prison terms ranging from three to four years for defrauding cities and the U.S. Internal Revenue Service in a bid-rigging scheme involving municipal bonds.
Three former General Electric Co. bankers defrauded cities and the Internal Revenue Service in a bid-rigging scheme involving municipal bonds, a prosecutor told jurors at the start of a fraud trial in Manhattan federal court.
A New York financial adviser pleaded guilty to rigging bids for investments sold to local governments, the fifth person to admit participating in an industrywide conspiracy to profit at taxpayers’ expense.
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.
Mark Zaino, the prosecution’s star witness in the trial of three former UBS AG municipal-bond executives, began his testimony by telling jurors how he and the defendants fixed bids on bond-investment contracts.