In the Matter of David Rubin
Recently, the United States Securities and Exchange Commission (Commission) announed that on September 27, 2012, the Commission issued an Order Instituting Administrative Proceedings Pursuant to Section 203(f) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions (Order) against David Rubin, founder, president, and chief executive of Rubin/Chambers Dunhill Insurance Services, Inc., dba CDR Financial Products, Inc. (CDR), a registered investment adviser with the Commission from 2001 until February 14, 2011, when the Commission cancelled CDR’s registration. Rubin is also the sole shareholder of CDR Holdings, Inc., CDR’s parent corporation.
Rubin consented to a Commission Order barring him from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent, or nationally recognized statistical rating organization. This sanction was based upon Rubin’s December 30, 2011 guilty plea to three counts of an eight-count superseding indictment, filed in United States v. Rubin/Chambers, Dunhill Insurance Services, Inc., et al., Criminal No. 09-cr-1058 (VM). The counts to which Rubin pled guilty charged him with two counts of conspiracy and one count of wire fraud for engaging in fraudulent misconduct in connection with the competitive bidding process for municipal reinvestment products.
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