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US: Ex-CDR exec gets 18 months for multimillion-dollar scheme

By  |  April 15, 2013
US: Ex-CDR exec gets 18 months for multimillion-dollar scheme

Former CDR Financial Products CEO Zevi Wolmark has been sentenced to 18 months in federal prison for his participation in a multimillion-dollar bid-rigging conspiracy concerning municipal bonds. Wolmark was additionally sentenced to two years of supervised release as well as ordered to pay a $500,000 fine. During the trial, prosecutors had referred to Wolmark as the “Number Two” conspirator, as two other former employees of the financial services business were additionally sentenced to prison time and ordered to pay fines. Federal officials initiated an investigation into CDR in 2006 into allegations of bid-rigging, specifically how municipalities guaranteed winners for contracts. UBS and JPMorgan Chase & Co both entered into non-prosecution agreements with the US Department of Justice concerning the case.

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