Three former UBS executives were found guilty on Friday of conspiring to deceive U.S. cities and towns by operating a scheme to rig bids to invest municipal bond proceeds.
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The Manhattan federal court jury verdict is the latest victory for the U.S. Department of Justice in its broad investigation of the $3.7 trillion U.S. municipal bond market.
Each defendant was found guilty on two counts of conspiracy, and the jury also convicted some of the men on other charges. The jury found one of the men not guilty on one wire fraud count. The jury also found another of the defendants innocent of witness tampering - the only one to face that charge.