Reuters reports that a jury in August 2012 convicted Gary Heinz, Peter Ghavami and Michael Welty, of defrauding municipal bond issuers, the U.S. Department of Treasury and the Internal Revenue Service. Ghavami was also convicted of wire fraud.
Last July, Ghavami, who left UBS in 2007 as global head of commodities, was sentenced to 18 months in prison. Heinz, a former bank vice president, received 27 months and Welty, a former vice president, received 16 months.
In seeking a new trial, a lawyer for Welty argued that the U.S. government failed to turn over evidence that could have changed the outcome of the case. Heinz and Ghavami joined the motion.
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