A PYMNTS Company

Ex-UBS execs on trial for bid-rigging

By  |  July 30, 2012

Former co-head of UBS municipal derivatives group Peter Ghavami and ex-colleagues Gary Heinz and Michael Welty found themselves in court charged with six counts, including charges of conspiracy and fraud. The prosecution claims the executives colluded with JP Morgan Chase & Co., Bank of America Corp., and General Electric in fixing prices on agreements on how to invest municipal bond sales proceeds. The key witness in the case may be former UBS Employee Mark Zaino, who pleaded guilty to charges and offered critical testimony in a similar case where GE Bankers Carallo, Goldberg, and Grimm were found guilty of bid-rigging. In addition to testimony, the prosecution plans to offer over 200 recordings of as many as 40 illegal deals.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    More than $700 million has already been paid by UBS, Bank of America, JPMorgan Chase, Wells Fargo & Co. and GE Funding Capital Market Services to settle government claims.

    Full content: Bloomberg

     

    Related content:  The Adoption of Screening Tools by Competition Authorities

     

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.