Ex-UBS Execs Convicted Of Bid-Rigging Charges

Law360, New York (August 31, 2012, 2:12 PM EDT) -- A New York federal jury on Friday convicted three former UBS AG executives of rigging bids on municipal bond investments, a scheme that cheated towns and cities out of potential revenues.

After two days of deliberations, the jury found Peter Ghavami, Gary Heinz and Michael Welty guilty of several counts of conspiracy and wire fraud for favoring large investors over the municipalities for which they were supposed to be working. Though the defendants remained stone-faced as the jury foreman read the verdict, a few of their...
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