Judge denies ex-UBS bankers' retrial request

American courtroom

A federal U.S. judge on Thursday denied a request for a new trial made by three former UBS bankers who were convicted of rigging bids to invest municipal bond proceeds.

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.

To access the complete Reuters article hit the link below:

Former UBS bankers denied new trial in muni bid-rigging case

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