Former UBS banker Mark Zaino walked out of court a free man Thursday after a federal judge chose to impose no further sentence on him for his role in rigging municipal bond contracts.

Zaino, who worked at the UBS AG bond desk in New York, pleaded guilty in May 2010 to one count each of conspiracy to restrain trade, conspiracy and wire fraud. He had faced a maximum of 35 years in prison and more than $1 million in fines.

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