WASHINGTON — Putting an end to the one of the most high-profile criminal trials in the muni market since the mid-1990s, two former employees of CDR Financial Products Inc. each pleaded guilty Monday afternoon to three criminal counts in connection with bid-rigging of investment and derivatives contracts for muni bond proceeds.

Zevi Wolmark, 56, CDR’s former chief financial officer and managing director, and Evan Andrew Zarefsky, 37, a former vice president, entered the pleas in the U.S. District Court for the Southern District of New York in Manhattan, before Judge Victor Marrero.

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.