Muni Bond Bid-Rigging Trial Begins For Ex-UBS Execs

Law360, New York (July 30, 2012, 9:02 PM EDT) -- The trial of three former UBS AG executives accused of scheming to rig bids on municipal bonds began Monday, with prosecutors telling jurors how the trio conspired with competitors to rip off municipalities across the country.

In a packed courtroom, Kalina M. Tulley of the U.S. Department of Justice’s Antitrust Division told the jury that Peter Ghavami, Gary Heinz and Michael Welty executed a series of calculated deceptions intended to manipulate the bidding process on municipal finance contracts and other transactions.

“The defendants deceived cities and...
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