Daily News: April 17, 2012

Bid-Rigging Trial Begins for Former GE Funding Execs

The Bond Buyer reported that the bid-rigging trial for three former executives at GE Funding began on Monday, April 16. Government prosecutors charged the three with fixing bids for municipal bond investment contracts between 1999 and 2006.

The three executives were indicted in July 2010 on 12 counts – five for Steven Goldberg, four for Peter Grimm and three for Dominic Carollo – including wire fraud and conspiracy.

In December 2011, GE Funding Capital Market Services entered into an agreement with the Department of Justice (DOJ) to resolve the company’s role in the anticompetitive activity and agreed to pay a total of $70 million in restitution, penalties and disgorgement to federal and state agencies.

Previously on abfjournal.com:

GE Funding Settles Justice Dept Case for ‘Last Look’ Conduct, Tuesday, December 27, 2011