Ex-CDR Chief Rubin Spared Prison in Muni Bid-Rigging Case
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CDR Financial Products Inc. founder David Rubin was spared prison for his role in a municipal bond bid-rigging scheme that involved employees of some of the world’s biggest financial institutions.
Rubin, 52, was sentenced to two years’ probation and 500 hours of community service today by U.S. District Judge Kimba Wood in Manhattan. The judge also ordered Rubin and CDR to pay $3.5 million in fines. Because CDR is defunct, Rubin must guarantee his former firm’s $2 million share.