3 sentenced in muni-bond-rigging case

A former managing director at UBS was handed an 18-month sentence Wednesday for rigging municipal-bond bids. Peter Ghavami and two colleagues, Michael Welty and Gary Heinz, also drew jail time after being accused of conspiring with brokers and rivals to manipulate bidding from about 2001 to 2004. Their actions cost school districts, municipalities and others millions of dollars, prosecutors said.

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