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No Prison or Fine For Bid-Rigger Campbell
Former Bank of America executive Douglas Lee Campbell received no fine or prison from federal Judge Kimba Wood for his role in rigging municipal bond contracts.
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The Financial Industry Regulatory Authority has fined three firms and an individual for municipal rule violations, including for a precedent-setting case of improperly seeking reimbursement from issuers for excessive expenses on bond rating trips. more »
The Texas Department of Transportation is facing a federal criminal investigation of its land deals for expansion of Interstate 35E, according to reports. more »
Three convicted bid-riggers filed documents with a federal appeals court this week arguing that their convictions should be overturned because of several errors by the lower court. more »
The Securities and Exchange Commission's new program to encourage self-reporting of a specific continuing disclosure violation is facing some skepticism from bond lawyers even as one SEC attorney said it may eventually be expanded to cover other violations. more »
Former UBS banker Mark Zaino walked out of court a free man after a federal judge chose to impose no further sentence for his role in rigging muni bond contracts. more »
Dozens of dealer sales of Puerto Rico bonds to customers that violated the $100,000 minimum denomination requirement, and were then cancelled, have been erased from EMMA or altered as if they never occurred. more »
FINRA is examining allegations that broker-dealers violated bond documents and municipal rules by trading bonds from Puerto Rico's recent $3.5 billion general obligation deal to customers in sizes less than the required $100,000 minimum denomination. more »
The Louisiana State Bond Commission rejected a settlement with the Justice Department March 20 that would have resolved a federal housing discrimination suit. more »
The sentencing dates for convicted bid riggers Brian Zwerner, Douglas Goldberg, and Daniel Naeh have been delayed again. more »
It didn't take long for several broker-dealers to start selling small denominations of Puerto Rico $3.5 billion of general obligation bonds to retail investors in violation of a requirement in the official statement and municipal securities rules. more »
The Financial Industry Regulatory Authority fined OFS Securities, Inc. in San Juan, Puerto Rico $40,570 and ordered it to pay more than $13,278 in restitution for buying the territory's bonds for its own account and then selling them to customers at prices with excessive markups. more »
Federal Judge Kimba Wood, who imposed $5.6 million in fines and restitution on municipal bond bid-rigger David Rubin, called prison unwarranted for the founder of CDR Financial Products. more »
A federal judge sentenced CDR Financial Products Inc. founder David Rubin to two years' probation and ordered him to pay a combined $5.65 million in fines and restitution for his role in rigging bids for municipal bond contracts. more »
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A recent phenomenon is the emergence of bonds with shorter call protection as funding alternatives for municipalities. However, the shorter call protection also dampens the potential upside for investors, which in turn reduces the price they are willing to pay.

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