CDR Founder Avoids Prison Time In Bond Bid-Rigging Scheme

Law360, New York (March 12, 2014, 8:21 PM EDT) -- A New York federal judge on Wednesday ordered CDR Financial Products Inc.'s founder to pay part of a $5.6 million penalty after he pled guilty to fraud and conspiracy charges stemming from a municipal bond-related bid-rigging scheme — although she spared him from prison.

U.S. District Judge Kimba M. Wood sentenced David Rubin to 500 hours of community service and two years' probation after he admitted to taking kickbacks from investment managers for running tainted auctions for government agencies over contracts for the investment of municipal...
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