Former UBS Bankers Sent To Prison For Muni Bid-Rigging

Law360, New York (July 24, 2013, 7:44 PM EDT) -- Three former UBS AG executives convicted of rigging bids on municipal bond investments were sentenced to prison on Wednesday in New York federal court, through each received a term far shorter than prosecutors had sought.

A federal jury in August convicted Peter Ghavami, Gary Heinz and Michael B. Welty of several counts of conspiracy and wire fraud for favoring large investors over the municipalities for which they were supposed to be working. The case is part of a broad crackdown in the municipal bond market that...
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