NEW YORK - Summations in the municipal bond bid-rigging trial of Steven Goldberg, Peter Grimm and Dominick Carollo are scheduled to start at 9:30 a.m. Monday in New York.

U.S. Justice Department antitrust prosecutors and the defense teams for the three former executives of General Electric Co. subsidiaries met in a charging conference Thursday with presiding Judge Harold Baer in the U.S. District Court for the Southern District of New York in Manhattan.

Witness questioning in the three-week trial concluded Wednesday.

The government indicted the three in July 2010 on 12 counts, including wire fraud and conspiracy, in connection with the rigging of bids for municipal bond investment contracts between 1999 and 2006.

Prosecutors say the three executed the schemes by providing so-called last looks at bidders and arranging kickbacks through swap agreements. It said the three colluded with brokerages including CDR Financial Products, Investment Management Advisory Group Inc., Tradition and UBS.

Both legal sides have relied extensively on audio tapes of conversations among the bankers. The defense has accused the government of “cherry-picking” tapes to mislead jurors.

Conspiracy carries a maximum penalty of five years in prison and a $250,000 fine per count. Each wire fraud charge carries a maximum penalty of 20 years in prison and a $1 million fine.

Federal prosecutors have indicted 15 others on similar charges, but 12 have already pleaded guilty.

Three others awaiting trail on bid-rigging charges are former UBS Financial Services’ bankers Peter Ghavami, Gary Heinz and Michael Welty. Their trial is scheduled to begin July 9.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.