Thursday, Nov 26th

Last update10:03:10 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.


Most Recent Related Stories...

Why Thanksgiving Is A 'National Day Of Mourning' For Some Americans

Thanksgiving is also a day of mouringWhen Cedric Cromwell sits down with his family for a meal on Thanksgiving each year, the...

How Walmart Keeps an Eye on Its Massive Workforce

Walmart spiesIn the autumn of 2012, when Walmart first heard about the possibility of a strike on...

A grim holiday season awaits America’s hungry

America's hungry For households that struggle with food insecurity, November often marks the beginning of the particularly lean...

Armed group publishes home addresses of Muslims in North Texas

Anti Muslims publish Muslim infoAn armed anti-Muslim group protesting at a North Texas mosque this week has published the home...
America's # 1 Enemy
Tee Shirt
& Help Support!
TVNL Tee Shirt
Conserve our Planet
& Help Support!
Get your 9/11 & Media
Deception Dollars
& Help Support!
The Loaded Deck
The First & the Best!
The Media & Bush Admin Exposed!