Peter Grimm News
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Three former employees of CDR Financial Products Inc. who cooperated with the government’s investigation into municipal bond bid-rigging were given prison terms ranging from six months to 18 months.
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Peter Ghavami, former co-head of UBS AG’s municipal-derivatives group, and two former co-workers were accused by prosecutors of lying and stealing from U.S. cities and towns by conspiring to rig bids for investing proceeds of municipal bond sales.
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Three former bankers with a General Electric Co. unit that sold investment contracts to state and local governments were indicted for conspiring to profit at taxpayers’ expense by rigging bids, showing the broadening scope of a Justice Department investigation of municipal finance.
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New York’s Metropolitan Transportation Authority may hire a financial adviser that employs a target in a long-running federal investigation of bid- rigging in the U.S. municipal bond market.
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Two former UBS AG municipal-bond executives accused of rigging bids gave a contact at a General Electric Co. unit early notice of how much to bid on bonds, a former colleague testified.
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Three former bankers with a General Electric Co. unit that sold investment contracts to state and local governments were indicted for conspiring to profit at taxpayers’ expense by rigging bids, showing the broadening scope of a Justice Department investigation of municipal finance.
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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.
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A telephone call between a financial adviser in Beverly Hills and a trader in New York was all it took to fleece taxpayers on a water-and-sewer financing deal in West Virginia. The secret conversation was part of a conspiracy stretching across the U.S. by Wall Street banks in the $2.8 trillion municipal bond market.
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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.
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U.S. lenders may get strong protections against lawsuits over government-backed mortgages under rules being weighed by the Consumer Financial Protection Bureau, according to two people briefed on the process.
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