Ex-Broker Gets 18 Months in Muni-Bond Bid-Rigging Case
Adrian Scott-Jones, a former broker for Tradition NA, was sentenced to 18 months in prison for his role in a municipal bond bid-rigging case.
Scott-Jones, of Morriston, Florida, pleaded guilty to conspiracy and wire fraud in 2010, agreeing to cooperate with a U.S. investigation of auction-fixing in the market for investments bought by states and local governments. He was sentenced today by U.S. District Judge Harold Baer Jr. in Manhattan, the U.S. Justice Department said in a statement.
Scott-Jones pleaded guilty to conspiring with former executives of General Electric Co. (GE) from as early as 1999 to 2006, the Justice Department said in the statement. He gave co- conspirators information about competitors’ bids, an illegal practice known as a “last look,” the government said.
“From soliciting intentionally losing bids for investment agreements to paying out kickbacks to manipulate the competitive bidding process, the conspirators went to great lengths to defraud municipalities across the country,” Scott D. Hammond, a U.S. deputy assistant attorney general, said in the statement.
Scott-Jones was also fined $12,500.
The investigation has resulted in convictions and guilty pleas against 19 individuals and one company, the Justice Department said. One person is awaiting trial.
The case is U.S. v. Scott-Jones, 1:10-cr-00794, U.S. District Court, Southern District of New York (Manhattan).
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