TV News LIES

Tuesday, Sep 02nd

Last update03:26:27 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...


After unrest over shooting, Ferguson police now wear body cameras

Ferguson police to wear camerasPolice officers in Ferguson, Missouri, have begun wearing body cameras after weeks of unrest over the...

How Organizers in One City Are Trying to Stop Militarization From Slipping Into Their Community

Oakland tries to keep mlitants outHeavily armed officers, weapons drawn, move across a bridge draped with a banner reading “No war...

49er Arrested For Domestic Violence

'49er arrestedIt might not take NFL commissioner Roger  Goodell very long to test his new get-tough-on-domestic-violence stance.NBC...

Showboat closes after 27 years in Atlantic City

Showboat Casino closesThe show is over for the Showboat Casino Hotel.The Mardi Gras-themed casino shut down Sunday after...
 
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!