Ex-Kane CEO Inks Deal In Muni Bond Bid-Rigging Probe

Law360, New York (July 28, 2011, 5:10 PM EDT) -- The former CEO of New York-based Kane Capital Strategies Inc. has agreed to pay $250,000 and cooperate in a multistate investigation into bid-rigging in the municipal bond derivatives industry, Connecticut's attorney general said Thursday.

Marin Kanefsky allegedly gave financial institutions illegal "last looks" at the prices of competing bids, allowing firms with which he had close ties to win investment agreements and other municipal bond contracts at artificially low prices, according to Connecticut Attorney General George Jepsen.

Kanefsky is the first broker to settle in connection...
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