A former Bank of America derivatives trader who pleaded guilty to conspiring to falsify documents was spared prison on Friday after spending years helping the government probe bid-rigging in the $3.7tril municipal bond market.
Reuters reports that Brian Zwerner, a former manager of Bank of America's municipal derivatives desk, was sentenced to spend three years on probation and pay a $10,000 fine by U.S. District Judge Victor Marrero in New York.
Zwerner had pleaded guilty in 2011 to conspiring to make false entries in reports and other papers sent from his desk to bank management.
According to court papers he has also agreed to pay Bank of America $890,000 and settle related U.S. Securities and Exchange Commission (SEC) civil charges.
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