Three former UBS bankers convicted last August of conspiring to defraud United States municipal bond issuers were fined and sentenced to jail on Wednesday by a district judge in New York. The sentences were significantly below those sought by prosecutors.
The bankers were accused of steering financial contracts to their friends in exchange for kickbacks and other favours between 2001 and 2006, while falsely certifying that the processes were competitive.
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US District Judge Kimba Wood greatly reduced the lengths of all three sentences, saying that the bankers’ criminal behaviour deviated from their otherwise law-abiding lives and that the victims had been "compensated highly" by a UBS settlement.
UBS agreed in 2011 to pay $160 million in restitution, penalties and disgorgement for the scheme.
However, a lawyer at the Department of Justice's antitrust division said Wood's reduction in sentencing ranges "greatly under-estimates the seriousness of the offense." Full story...
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The bankers were accused of steering financial contracts to their friends in exchange for kickbacks and other favours between 2001 and 2006, while falsely certifying that the processes were competitive.
(...)
US District Judge Kimba Wood greatly reduced the lengths of all three sentences, saying that the bankers’ criminal behaviour deviated from their otherwise law-abiding lives and that the victims had been "compensated highly" by a UBS settlement.
UBS agreed in 2011 to pay $160 million in restitution, penalties and disgorgement for the scheme.
However, a lawyer at the Department of Justice's antitrust division said Wood's reduction in sentencing ranges "greatly under-estimates the seriousness of the offense." Full story...
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