NEW YORK — Peter Ghavami received a $1 million fine and an 18-month prison sentence on Wednesday as a federal judge slapped three former UBS AG bankers with fines and jail time  for municipal bond bid-rigging.

Kimba Wood of the U.S. District Court for the Southern District of New York in Manhattan sentenced Gary Heinz to 27 months and fined him $400,000, while Michael Welty received 16 months and a $300,000 fine for fraudulent schemes from 2001 to 2006.

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