Huffpost Business

Three Ex-General Electric Affiliate Executives Convicted Of Bid-Rigging Fraud

Posted: Updated:
GENERAL ELECTRIC
Getty


NEW YORK, May 11 (Reuters) - Three former executives of General Electric Co affiliates were convicted by a federal jury in New York of conspiracy charges related to bid-rigging contracts for the investment of municipal bonds, the U.S. Department of Justice announced.

Dominick P. Carollo, Steven E. Goldberg and Peter S. Grimm were convicted on Friday of conspiracy to commit wire fraud and to defraud the United States.

"The defendants corrupted the competitive bidding process and defrauded municipalities across the country for years," said Deputy Assistant Attorney General Scott D. Hammond.

The convictions are the result of an ongoing investigation into the municipal bond market being conducted by the Department of Justice Antitrust Division's New York Office, the Federal Bureau of Investigation and the Internal Revenue Service -Criminal Investigation unit.

Each of the fraud conspiracy charges carries a maximum penalty per count of five years in prison and a $250,000 fine.

Around the Web

Three Ex-GE Workers Convicted in Bid Rigging

Ontario begins on work on new park paid for entirely by General Electric

Ocoos Attracts former PWC Managing Partner and General Electric Senior ...

GE Energy looks out for alternative energy opportunities

GE delays opening, but adds initial jobs

GE to Buy 15% Stake in XD Electric for $536 Million

GE's WattStation Connect lets you charge your neighbor's wheels and wallet

GE Healthcare Life Sciences Completes Acquisition of Xcellerex, Inc.

GE buying $535 mln stake in China XD Electric