CNNMoney reports that a trio of former financial executives
from General Electric are headed to prison after being found guilty of
defrauding taxpayers in the municipal bond market…..
The men are the first to be sentenced as part of the
government's ongoing investigation of bid-rigging in auctions for the
investment of municipal bond proceeds by some of Wall Street's biggest firms.
The probe has yielded 20 indictments so far, with defendants coming from
institutions including Bank of America , JPMorgan and UBS….
The three men sentenced Thursday formerly worked at General
Electric's (GE, Fortune 500) GE Capital unit, where prosecutors say they
colluded with counterparts at other firms to rip off bond issuers. Two men -- Dominick
Carollo and Peter Grimm -- received three years in prison, while the third,
Steven Goldberg, got four years…...
Prosecutors had requested 10 years in the Big House……………………………………………………………………………………………………………………………………….Wait,wait,
there’s more at http://money.cnn.com/2012/10/18/news/companies/general-electric-prison/index.html?iid=HP_LN
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