The head of a California financial products brokerage who pleaded guilty to overseeing a vast enterprise of bid-rigging for investment contracts for municipal bond proceeds avoided prison Wednesday after cooperating with authorities. David Rubin, founder of CDR Financial Products Inc, pleaded guilty in December 2011 to wire fraud and conspiracy charges stemming from the scheme involving more than 200 investment contracts. U.S. District Judge Kimba Wood in Manhattan sentenced Rubin and also ordered him to pay up to $5.65 million. The judge chose not to order a prison term, citing Rubin's cooperation and his need to care for his wife while she undergoes chemotherapy. "He is a significant cooperator who deserves leniency no matter what," Wood said. The financial penalty includes $2 million in fines and up to $2.15 million in restitution. Rubin will also guarantee a $2 million fine levied against his defunct firm, which was based in Beverly Hills, California. Rubin, 52, was central
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