From http://www.reuters.com/article/2012/05/11/us-ge-fraud-idUSBRE84A1EG20120511
NEW YORK (Reuters) - Three
former executives of General Electric Co affiliates were convicted by a federal
jury in New York
of conspiracy charges related to bid-rigging contracts for the investment of
municipal bonds, the U.S. Department of Justice announced.
Three former GE affiliate executives convicted of fraud
Fri, May 11 2012
Dominick P. Carollo, Steven E. Goldberg and Peter S. Grimm
were convicted on Friday of conspiracy to commit wire fraud and to defraud the United States .
"The defendants corrupted the competitive bidding
process and defrauded municipalities across the country for years," said
Deputy Assistant Attorney General Scott D. Hammond.
The convictions are the result of an ongoing investigation
into the municipal bond market being conducted by the Department of Justice
Antitrust Division's New York Office, the Federal Bureau of Investigation and
the Internal Revenue Service -Criminal Investigation unit.
Each of the fraud conspiracy charges carries a maximum
penalty per count of five years in prison and a $250,000 fine.
(Reporting by Rebecca Hamilton; editing by Andre Grenon)
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