Feds Seek Record Jail Terms In UBS Bid-Rigging Case

Law360, New York (May 9, 2013, 3:28 PM EDT) -- Three former UBS AG executives convicted of rigging bids on municipal bond investments should receive record prison sentences ranging from 11 years to nearly 20 years, prosecutors told a New York federal judge Wednesday, prompting an outcry from defense attorneys.

A Manhattan federal jury in August 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. The case is part of a broad crackdown in the municipal bond market that has led to more than a dozen convictions or guilty...

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