Muni Middleman’s Financing in Dark Leaves Homeless on Outside

David Rubin, accused of rigging hundreds of investment contracts for local governments across the U.S., is at the center of investigations by city and federal authorities into a Los Angeles housing development.

The $31 million subsidized project for the poor and homeless was put on hold by local officials after the Oct. 29 federal criminal indictment of Rubin, 47. He is the founder of Los Angeles-based CDR Financial Products Inc. and one of the first targets charged in a three-year Justice Department probe of alleged anti-competitive practices in the $2.8 trillion municipal bond market.