Richardson Contributor Pleads Guilty to Bid Rigging

NewsNM note - CDR Financial won investment business in New Mexico during the eight years of the Richardson administration. Though investigations were conducted into their activities no charges were filed.
Bloomberg - CDR Financial Products Inc. and its founder, David Rubin, pleaded guilty less than a week before trial on charges tied to a federal investigation of bid- and auction-rigging in the municipal bond market.
Rubin, 50, and his Beverly Hills, California-based firm were charged along with two other employees. Prosecutors said Rubin, who served as chief executive officer, took kickbacks for running sham auctions for investments. He pleaded guilty along with the company yesterday in Manhattan federal court. Jury selection in the trial of former CDR Chief Financial Officer Z. Stewart Wolmark and Vice President Evan Zarefsky is set to begin next week and was to include Rubin as a defendant.
In New Mexico, CDR received almost $1.5 million in fees for advising the New Mexico Finance Authority in 2004 after donating $100,000 to political groups affiliated with former Governor Bill Richardson. Read full story here: News New Mexico


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