CDR Employee Pleads Guilty To Bond Bid-Rigging

Law360, New York (February 24, 2010, 7:19 PM EST) -- A former employee of Beverly Hills, Calif.-based CDR Financial Products Inc. has pled guilty to federal charges of participating in a bid-rigging and fraud conspiracy connected with the investment of money raised from municipal bonds.

Daniel Moshe Naeh, of Israel, filed a plea agreement Wednesday in the U.S. District Court for the Southern District of New York.

Bond-issuing states, counties and municipalities hired his employer, CDR, to act as a broker and conduct competitive bids for contracts for the investment of money that primarily came from...
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