The most recent trial ended in August, when a jury reached guilty verdicts against former UBS bankers Peter Ghavami, Michael Welty and Gary Heinz. Prosecutors said the men acted as both GIC brokers and providers, manipulating bidding on at least a dozen agreements to increase the number and profitability of the agreements awarded to UBS. They also submitted intentionally losing bids and arranged for UBS to receive kickbacks in exchange for manipulating bidding.
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