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US: Guilty bid-rigging exec resists prison

By  |  February 4, 2014

The founder of CDR Financial Products Inc. is reportedly looking to avoid prison time after agreeing to plea guilty to bid-rigging in a municipal bond scheme, reports say.

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    David Rubin is seeking house arrest or community service, but US officials are recommending more than 19 years in prison.

    Rubin pleaded guilty in 2011 to rigging auctions for investments; the case was part of the Department of Justice’s investigation into allegations of bid-rigging in the municipal bond market, eventually leading to $743 million in fines from Bank of America, Wells Fargo and more.

    The DOJ recommends Rubin pay more than $11.5 million in restitution to the 99 victims of the scheme. While he admits responsibility, reports say his lawyer is seeking a sentence without jail time.

    Full Content: Bloomberg

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