When Do We See BANK Indictments?


I would like to know.

WASHINGTON—A former UBS AG banker has been arrested and charged with wire fraud related to a bid-rigging conspiracy on investment contracts for local governments, the Justice Department said Thursday.

The charges are the latest in a long-running government investigation into the municipal-securities market.

The department said Peter Ghavami, a former co-head of UBS’s municipal bond and derivatives desk, engaged in a fraudulent scheme to deprive an unidentified state municipal-bond issuer of money. Prosecutors said Mr. Ghavami, acting as a broker between the state issuer and financial institutions, secretly conspired with others to determine in advance which financial provider would win a contract to invest the state’s bond proceeds.

Ok, so Prosecutors say that this guy broke the law.

He did so in conspiracy with the financial institution(s) involved, according to those prosecutors, and the financial institution(s) profited from this act.

That makes them co-conspirators and jointly liable for the crime.

If I drive you to a bank not knowing what you intend to do, you stick it up, and then you give me some of the money whether I knew about it in advance becomes irrelevant the moment you hand me some of the loot – I become an accessory before and after the fact and a co-conspirator.  I can be arrested, tried and jailed as equally liable for the bank robbery even though you’re the one who went in there and stuck the gun up the teller’s nose.

Where are the indictments aimed at the banks?

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