David Rubin, the founder and ex-president of CDR Financial Products Inc., tearfully pleaded guilty on Friday to bid rigging and municipal bond contract fraud, Thomson Reuters reports. Rubin faces 10 years or more in prison, a punishment certainly worth crying over.
CDR and its executives were charged in October 2009, as part of the government’s examination of the municipal bond market, for a plot in which the company awarded the right to manage funds to investment managers in exchange for kickbacks. Sharis Pozen, leader of the U.S. Justice Department’s Antitrust Division said in a statement that “Mr. Rubin and his company engaged in fraudulent and anti-competitive conduct that harmed municipalities and other public entities."