In the aftermath of guilty verdicts Friday against three former UBS AG professionals in a municipal bond bid-rigging case that government prosecutors lauded, two defense attorneys said they would appeal and an industry organization said the verdicts were a warning to muni bond professionals.

“The decision in this case should serve as a signal to all professionals working in municipal finance that fraud and unfair dealing will not be tolerated,” said Lynnette Kelly, executive director of the Municipal Securities Rulemaking Board. “Federal regulators are focused on ensuring a fair municipal market that protects investors and state and local governments. There is no place for fraudulent activities that undermine the integrity of the market.”

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