Three former General Electric Co. (GE) bankers, Dominick Carollo, Steven Goldberg and Peter Grimm, were found guilty in May in New York of conspiracy to commit fraud by manipulating actions for municipal bond investment deals.

Three former General Electric banking executives are on trial in Manhattan for their role in a municipal bond bid-rigging scandal. The men, Dominick Carollo, Steven Goldberg and Peter Grimm are all on trial for conspiracy to commit fraud by manipulating auctions for municipal bonds. The charges are that they participated in kickbacks to brokers hired by local governments to solicit bids to win bond auctions. GE, in its $70.4 million settlement with the federal government last December, acknowledged that the three former GE executives engaged in the bid-rigging of municipal bonds. The agreement was with GE Funding Capital Market Services, a unit which has since been closed.