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US: GE execs’ bid-rigging convictions reversed for reasons unknown

 |  December 3, 2013

Three ex-General Electric executives convicted of taking part in a federal bid-rigging cartel had their convictions overturned and were released from prison, though the federal appeals court in New York that reversed the convictions did not immediately offer a reason for doing so.

The defendants – Steven Goldberg, Peter Grimm and Dominick Carollo, were found guilty of fixing municipal bond investment contract bids and were all sentenced to prison in May 2012.

The convicted appealed on the grounds that the statute of limitations for the state to charge them had already passed.

Reports say the convictions were overturned by the three-panel judge on November 26, with the men released from prison the next day. The court is reportedly set to issue their opinion “in due course.”

Full Content: Bloomberg

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