A fine of just $300

[Ichingcarpenter]

11. Community service for one of the worst.

In October, CDR was charged with criminal conspiracy and fraud, along with Chief Executive Officer David Rubin, 48, vice president Evan Zarefsky and Wolmark. They pleaded not guilty. Rubin, who was also charged with making fraudulent bank transactions, faces as much as $3 million in fines and more than 30 years in jail if convicted.

http://www.bloomberg.com/news/2010-05-18/conspiracy-of-banks-rigging-state-finance-converged-with-mortgage-meltdown.html


Ex-CDR Chief Rubin Spared Prison in Muni Bid-Rigging Case


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.

Rubin, who must also make as much as $2.1 million in restitution, pleaded guilty on behalf of himself and his Beverly Hills, California-based firm in 2011, admitting he took kickbacks for running sham auctions for investments. He was charged in a federal probe of bid and auction rigging in the municipal bond market.

A prison sentence would be “a terrible injustice,” Wood said at a hearing today, citing Rubin’s guilty plea and cooperation with authorities, as well as his philanthropy and his wife’s terminal cancer.

http://www.bloomberg.com/news/2014-03-12/ex-cdr-chief-rubin-spared-prison-in-muni-bid-rigging-case.html