CDR, Founder Cop To Municipal Bond Bid-Rigging Scheme

Law360, New York (January 3, 2012, 2:07 PM EST) -- Financial products and services company CDR Financial Products Inc. and its founder pled guilty in New York federal court on Friday to charges of bid-rigging and fraud for their role in a conspiracy to fix prices for municipal bond contracts.

David Rubin, 50, and CDR, also known as Rubin/Chambers, Dunhill Insurance Services Inc., both admitted to taking kickbacks from investment managers for running tainted auctions for government agencies over contracts for the investment of municipal bond proceeds, according to the U.S. Department of Justice.

“Mr. Rubin...
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