The NY Post reports that three former General Electric
bankers defrauded cities and the Internal Revenue Service in a bid-rigging
scheme involving municipal bonds, a prosecutor told jurors at the start of a
fraud trial yesterday in Manhattan federal court.Dominick Carollo, Steven Goldberg and Peter Grimm face
charges of conspiracy to commit fraud by manipulating auctions for municipal
bonds.
The government claims that between August 1999 and November
2006 the men gave kickbacks to brokers hired by local governments to solicit
bids, to win auctions and increase their profits.
The charges grew out of a five-year investigation by federal
antitrust prosecutors into the $3.7 trillion municipal bond market…..
Read more:
http://www.nypost.com/p/news/business/ge_execs_fraud_trial_kicks_off_cfrISTAykM7Id3XxNH3U4I#ixzz1sHalqGcB
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