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US: Guilty bid-rigging exec resists prison

 |  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.

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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