The past few years have been horrible for David and for his family and friends as this case has dragged on.
Bloomberg reports: CDR Financial Products Inc. and its founder, David Rubin, pleaded guilty less than a week before trial on charges tied to a federal investigation of bid- and auction-rigging in the municipal bond market.
Rubin, 50, and his Beverly Hills, California-based firm were charged along with two other employees. Prosecutors said Rubin, who served as chief executive officer, took kickbacks for running sham auctions for investments.
He pleaded guilty along with the company yesterday in Manhattan federal court. Jury selection in the trial of former CDR Chief Financial Officer Z. Stewart Wolmark and Vice President Evan Zarefsky is set to begin next week and was to include Rubin as a defendant. Rubin tried unsuccessfully to have the trial postponed because his wife is in the final stages of terminal cancer.
“Mr. Rubin has accepted responsibility for his conduct and has pled guilty,” Bradley Simon, a lawyer representing Rubin, said in a phone interview after Rubin’s plea. “Mr. Rubin will now be able to direct all of his energies to caring for his wife and family during this critical time.”
Rubin, who began sobbing at the mention of his wife in the hearing yesterday, will be sentenced April 27. He was allowed to remain free on bail.