TV News LIES

Wednesday, Jul 23rd

Last update01:24:09 AM 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...


Supreme Court lifts stay of Arizona execution

Joseph WoodThe U.S. Supreme Court on Tuesday knocked down a stay of execution for Arizona Death Row...

Boston Marathon suspect's friend guilty of obstruction

Tazhayakov convictedA friend of the man suspected in last year's Boston Marathon bombings was convicted Monday of...

Detroit retirees vote for major pension cuts – by a landslide

Detroit pensions cutA year after filing for bankruptcy, Detroit is building momentum to get out, especially after workers...

NYC settles for $2.5 million over Rikers Island jail beating death

Rikers IslandNew York City officials have agreed to pay $2.75 million to settle a lawsuit filed by...
 
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!