WASHINGTON — The federal grand jury's indictment against Beverly Hills-based CDR Financial Products Inc., its founder David Rubin, and current and former officials at the firm for allegedly rigging bids for investment and derivatives contracts in return for kickbacks could be just the tip of the iceberg, market participants said yesterday.

"This is the beginning of a very painful time for the market," said one market participant whose firm is involved in the investigation and did not want to be named.

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