TV News LIES

Friday, Nov 21st

Last update09:56:11 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...


U.S. and Israeli firms selling spy gear to repressive regimes

spy gear sold by US firmsAmerican and Israeli companies are selling sophisticated surveillance equipment to some of the most despotic nations...

Legendary director Mike Nichols dies

mike nichols diesMike Nichols, esteemed director/writer/producer and husband of Diane Sawyer, has died.  ABC reports he died suddenly...

US Supreme Court refuses to block SC gay marriages

US Supreme courtThe U.S. Supreme Court has refused to block gay marriages in South Carolina.The high court on...

Anonymous takes on the Ku Klux Klan

kkkDid the hacktivist group Anonymous go too far in fighting the KKK?With a promise that "This...
 
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!