3 Ex-UBS Execs Indicted In Muni Bond Fraud Suit

Law360, New York (December 9, 2010, 6:49 PM EST) -- Three former executives at UBS AG were indicted Thursday for their alleged participation in fraud schemes and bid-rigging related to contracts in the municipal bond market.

The six-count indictment against Peter Ghavami, Gary Heinz and Michael Welty was filed in the U.S. District Court for the Southern District of New York.

Ghavami, a Belgian national living in Russia, was previously charged in another criminal complaint and was arrested recently at John F. Kennedy International Airport in New York.

Heinz was also indicted for alleged witness tampering...
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