A trio of convicted bid riggers deserve prison terms of more than 16 years as well as hundreds of thousands of dollars in fines when they face a judge in July, Justice Department antitrust lawyers said.

The recommendations for harsh penalties, made in a sentencing memorandum filed with the U.S. district Court for the Southern District of New York in Manhattan on May 8, apply to ex-UBS AG managing director Peter Ghavami and his former colleagues Michael Welty and Gary Heinz. All three were convicted last year of multiple counts of securities fraud for conspiring to manipulate bids for guaranteed investment contracts and other investment and financial products. Their sentencing was postponed to July 23-24 from this week, according to attorneys involved.

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