(October 18, 2012) The three men sentenced Thursday formerly worked in General Electric's GE Capital unit.
A trio of former financial executives from General Electric are headed to prison after being found guilty of defrauding taxpayers in the municipal bond market.
The men are the first to be sentenced as part of the government's ongoing investigation of bid-rigging in auctions for the investment of municipal bond proceeds by some of Wall Street's biggest firms.
The probe has yielded 20 indictments so far, with defendants coming from institutions including Bank of America (BAC, Fortune 500), JPMorgan (JPM, Fortune 500) and UBS (UBS).
The three men sentenced Thursday formerly worked at General Electric's (GE, Fortune 500) GE Capital unit, where prosecutors say they colluded with counterparts at other firms to rip off bond issuers. Two men -- Dominick Carollo and Peter Grimm -- received three years in prison, while the third, Steven Goldberg, got four years.
