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US: Prosecutors want up to 20 years for UBS bid-rigging execs

By  |  May 9, 2013

As three ex-executives of Switzerland-based financial services company UBS await sentencing this month after being found guilty of bid-rigging, prosecutors from the Department of Justice’s antitrust division are looking for jail time 11 years, three months up to nearly 20 years for the convicted. The three were found guilty last August after being accused by officials of rigging bids and paying kickbacks to brokerage firm CDR Financial Products Inc. for its help in rigging auctions. The DOJ has reportedly asked that Michael Welty be sentenced 11 years and three months, 17.5 years for Peter Ghavami, and 19 years and seven months for Gary Heinz; prosecutors stated that from the beginning the three “embraced a culture of corruption.”

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