Ex-UBS Officials Rigged Muni-Bond Bids, Star Witness Says
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Mark Zaino, the prosecution’s star witness in the trial of three former UBS AG municipal-bond executives, began his testimony by telling jurors how he and the defendants fixed bids on bond-investment contracts.
Zaino, called “a snake” by defense lawyers yesterday in their opening statements in Manhattan federal court, testified about excluding aggressive bidders, soliciting intentional losing bids and giving information to favored bidders to rig outcomes on investing the proceeds of bonds issued by U.S. cities and towns.