TV News LIES

Tuesday, Sep 30th

Last update11:45:58 PM GMT

You are here News Domestic (USA) Former UBS bankers get prison terms for muni bid-rigging

Former UBS bankers get prison terms for muni bid-rigging

E-mail Print PDF

Peter GhavaniThree former UBS AG (UBSN.VX) bankers were sentenced to prison on Wednesday for deceiving U.S. municipalities by rigging bids to invest municipal bond proceeds, with the longest sentence at 27 months, a fraction of what prosecutors had sought.

Gary Heinz, 40, a former bank vice president who was caught on recordings discussing the scheme, received the prison sentence of 27 months. U.S. District Judge Kimba Wood also ordered Heinz to pay a $400,000 fine.

Peter Ghavami, 45, who left UBS in 2007 as global head of commodities, was sentenced to 18 months in prison and ordered to pay a $1 million fine; and Michael Welty, 49, a former vice president, was sentenced to 16 months and ordered to pay a $300,000 fine.

"We're very pleased at the outcome and we feel that justice was done," said Charles Stillman, a lawyer for Ghavami.

TVNL Comment:  White collar crime really pays.  These bankers made millions in illegal profits - surely worth a handful of months in minimum security prisons.

More...


Most Recent Related Stories...


White House Fence Jumper Got Farther Than Previously Thought, Sources Say

jumper got deep into White HouseThe man who broke into the White House two weeks ago was able to make his...

Child among 15 injured, one critically, in Miami nightclub shooting

Miami shootingFifteen people were wounded in a shooting that sent terrified patrons scrambling from a Miami nightclub...

'We are always cordial': Westboro Baptists and 'Equality House' forge bizarre neighbourhood truce

Equality HouseFew neighbourly disagreements are as peculiar, or as visible, as the dispute that rages at the...

Ferguson officer shot; 2 suspects wanted

ferguson cop shotAuthorities were searching Sunday for two men suspected of shooting and wounding a police officer in...
 
America's # 1 Enemy
Tee Shirt
& Help Support TvNewsLIES.org!
TVNL Tee Shirt
 
TVNL TOTE BAG
Conserve our Planet
& Help Support TvNewsLIES.org!
 
Get your 9/11 & Media
Deception Dollars
& Help Support TvNewsLIES.org!
 
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!