A Manhattan federal jury began weighing charges against former UBS AG managing director Peter Ghavami and two of his ex-colleagues, who are accused of rigging bids for municipal finance deals.

Ghavami and former UBS employees Gary Heinz and Michael Welty face charges that they manipulated the competitive bidding process for investing the proceeds of municipal bonds. Prosecutors accused the men of cheating states, cities and other issuers by rigging their bids.

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