Ex-GE Execs Ripped Off Cities In Muni Bond Scam, Jury Told

Law360, New York (April 16, 2012, 4:49 PM EDT) -- Federal prosecutors on Monday kicked off a criminal trial against three former General Electric Co. finance executives accused of municipal bond-related bid-rigging, charging that the men “ripped off” cities and towns by conspiring with brokers.

Former GE executives Steven Goldberg, Peter Grimm and Dominick Carollo, their onetime supervisor, are accused of paying kickbacks to brokers who were supposed to be working for cities with bond money to invest.

While at GE, the three bid on access to money that municipalities had raised in bond offerings but...
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