CDR Official David Rubin to Plead Guilty, U.S. Court Clerk Says

CDR Financial Products Inc.’s David Rubin is set to plead guilty today in Manhattan federal court, a court clerk said.

Rubin, the founder of Beverly Hills, California-based CDR, and two other employees are charged along with the company as part of an investigation into bid- and auction-rigging in the municipal bond market. Rubin, the firm’s former chief financial officer, took kickbacks for running sham auctions for the investments, prosecutors said. All pleaded not guilty.