More indictments are expected in a federal antitrust investigation of the $2.8 trillion municipal bond market, a prosecutor told a federal judge in New York.
Rebecca Meiklejohn, a lawyer with the Justice Department’s antitrust division, made the disclosure at a hearing in Manhattan in the criminal case of CDR Financial Products Inc. and three of its employees, charged as part of an ongoing probe of bid- and auction-rigging in the municipal market. Three ex- bankers with a General Electric Co. unit were indicted in same probe this week.
Lawyers for the CDR defendants went to court today to ask U.S. District Judge Victor Marrero to direct the government to give them early access to the prosecution’s evidence and identify any material that might help to clear their clients. Meiklejohn objected, saying the defendants weren’t entitled to early access and the government’s investigation is still moving ahead.
“This is a very expansive case,” Meikeljohn told Marrero, addressing the broader probe. “Just this week the government indicted more individuals in connection with this investigation. This is a continuing investigation and we expect there to be more indictments.”
More About Bond Bidding, from Amazon:
Electronic Bidding for Municipal Bonds: Technology Innovations for Competitive Bond Sales.: An article from: Government Finance Review
Repetitive bidding for municipal bonds: A chance-constrained programming approach (Faculty working paper)
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