WASHINGTON -- Former PaineWebber Inc. vice president Lance Wilson was just doing his job when he tried to generate new bond business by writing financial commitment letters aimed at securing grants for housing projects, Mr. Wilson's attorneys argued at his trial before the U.S. District Court here last week.

The independent prosecutor in the case, Arlin Adams, is charging that Mr. Wilson's letters were fraudulent because they pledged PaineWebber to underwrite bond financings, which Mr. Wilson knew were not likely to be carried out, solely to obtain federal Urban Development Action Grants for a co-defendant's housing projects.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.