{"id":5553,"date":"2013-12-12T00:00:00","date_gmt":"2013-12-12T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2013\/12\/three_exge_bankers_convicted_o"},"modified":"2022-05-05T11:52:35","modified_gmt":"2022-05-05T16:52:35","slug":"three-exge-bankers-convicted-o","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/three-exge-bankers-convicted-o\/","title":{"rendered":"Three Ex-GE Bankers Convicted of Municipal Bond Bid Rigging Are Set Free"},"content":{"rendered":"\n<p>In a 2-1 ruling, the U.S. Circuit Court of Appeals in New York panel has decided that three ex-General Electric Co. bankers charged with conspiring to bilk cities in a muni bond bid rigging scam can go free because the US government waited too long to prosecute them. Reversing last year\u2019s convictions of Dominick Carollo, Steven Goldberg, and Peter Grimm, the court dismissed the criminal case against them and ordered that they be released from prison.<\/p>\n<p>According to prosecutors, the three men worked with guaranteed investment contracts that allowed municipalities to make interest on money made from bond sales until they wanted to spend on local projects. The government believes that between August 1999 and May 2004 Carollo, Goldberg, and Grimm gave three brokers, including UBS PaineWebber, kickbacks to win actions for the contracts even if it meant the bank would make interest payments that were artificially low.<\/p>\n<p>A federal jury convicted the former GE bankers of defrauding the country and conspiracy to commit wire fraud. They appealed, appealed, contending that the indictment on July 27, 2010 exceeded the statute of limitations, which is six years for conspiracy to bilk the US via tax law violations and five years for conspiracy. The government disagreed, arguing that the limitations\u2019 statute went on as long as GE was paying rates that were not competitive.  <\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/three-exge-bankers-convicted-o\/\"  title=\"Continue Reading Three Ex-GE Bankers Convicted of Municipal Bond Bid Rigging Are Set Free\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>In a 2-1 ruling, the U.S. Circuit Court of Appeals in New York panel has decided that three ex-General Electric Co. bankers charged with conspiring to bilk cities in a muni bond bid rigging scam can go free because the US government waited too long to prosecute them. Reversing last year\u2019s convictions of Dominick Carollo, [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3922],"tags":[],"class_list":["post-5553","post","type-post","status-publish","format-standard","hentry","category-municipal-bonds"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Three Ex-GE Bankers Convicted of Municipal Bond Bid Rigging Are Set Free &#8212; Investor Lawyers Blog &#8212; December 12, 2013<\/title>\n<meta name=\"description\" content=\"In a 2-1 ruling, the U.S. Circuit Court of Appeals in New York panel has decided that three ex-General Electric Co. bankers charged with conspiring to &#8212; December 12, 2013\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/three-exge-bankers-convicted-o\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Three Ex-GE Bankers Convicted of Municipal Bond Bid Rigging Are Set Free &#8212; 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Investor Lawyers Blog &#8212; December 12, 2013","twitter_description":"In a 2-1 ruling, the U.S. Circuit Court of Appeals in New York panel has decided that three ex-General Electric Co. bankers charged with conspiring to &#8212; December 12, 2013","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/three-exge-bankers-convicted-o\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/three-exge-bankers-convicted-o\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Three Ex-GE Bankers Convicted of Municipal Bond Bid Rigging Are Set Free","datePublished":"2013-12-12T06:00:00+00:00","dateModified":"2022-05-05T16:52:35+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/three-exge-bankers-convicted-o\/"},"wordCount":458,"articleSection":["Municipal Bonds"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/three-exge-bankers-convicted-o\/","url":"https:\/\/www.investorlawyers.com\/blog\/three-exge-bankers-convicted-o\/","name":"Three Ex-GE Bankers Convicted of Municipal Bond Bid Rigging Are Set Free &#8212; 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