Three ex-UBS executives have appeals rejected

Gavel

Three former UBS executives last week lost a bid to reverse their 2012 convictions for conspiring to deceive U.S. cities and towns by rigging bids to invest municipal bond proceeds.

Reuters reports that a U.S. appeals court in New York rejected arguments by Gary Heinz, Peter Ghavami and Michael Welty that prosecutors waited too long to bring wire fraud and conspiracy charges.

The case stems from a bid-rigging investigation involving the $3.7tril U.S. municipal bond market that resulted in 17 convictions and $743m in settlements with five banks, including $160m from UBS.

The defendants contended that prosecutors improperly relied on a 1989 law arising from the savings-and-loan crisis to extend the statute of limitations to 10 years from five.

To access the complete Reuters article hit the link below:

Ex-UBS execs lose appeal of U.S. municipal bond-rigging convictions

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