Former UBS trader avoids prison over bid-rigging

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A former UBS trader who became a cooperating witness in the U.S. government's sweeping probe of bid-rigging in the $3.7tril municipal bond market was sentenced to time served on Thursday.

Reuters reports that Mark Zaino, a former director on UBS' municipal bond and derivatives desk in New York, had pleaded guilty to conspiracy and wire fraud charges in 2010, becoming the fourth person to admit wrongdoing as part of the antitrust investigation.

The probe has resulted in numerous convictions and resulted in $743m of settlements with UBS, Bank of America, General Electric, JPMorgan and Wells Fargo. UBS' payment was $160m.

U.S. District Judge Kimba Wood in Manhattan said Zaino's eight years of cooperation with government investigators justified the sentence.

To access the complete Reuters article hit the link below:

Ex-UBS employee-turned-witness avoids prison in bid rigging case

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