Three former UBS executives convicted of bid-rigging should get prison terms ranging from more than 11 years to almost 20, U.S. prosecutors argued.
Bloomberg reports that a New York jury in August found former UBS managing director Peter Ghavami and two co-workers, Gary Heinz and Michael Welty, guilty of rigging auctions for contracts to invest the proceeds of municipal bond sales.
They are to be sentenced this month.
Prosecutors from the Justice Department’s Antitrust Division asked U.S. District Judge Kimba Wood in court papers to sentence Ghavami to at least 17 1/2 years, Heinz to at least 19 years and seven months, and Welty to at least 11 years and three months.
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