Feds Unleash Wiretap Barrage In UBS Bid-Rigging Trial

Law360, New York (August 9, 2012, 8:19 PM EDT) -- Prosecutors in the trial of three former UBS AG executives charged with rigging municipal bond bids played nearly a dozen wiretapped phone calls Thursday, including one in which a defendant boasted that making an intentionally losing bid to help another bank was "courageous."

The government played 11 recordings to bolster its case against Gary Heinz, Peter Ghavami and Michael Welty during the second week of trial in New York federal court. The ex-UBS executives were accused in December 2010 of conspiring with employees of various financial...
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