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Bid-Rigger Zaino's Sentencing Rescheduled

The sentencing of former UBS banker Mark Zaino, who pleaded guilty to municipal bond bid-rigging, was rescheduled to 2 p.m. Oct. 24, according to a press officer for the U.S. District Court for the Southern District of New York.

Sentencing had been scheduled for Tuesday before Judge Kimba Wood in Manhattan.

Zaino, who lives in Connecticut, pleaded guilty in May 2010 to one count each of conspiracy to restrain trade, conspiracy and wire fraud, in relation to a scheme to rig bids for municipal bond investment contracts, often offering "last looks" at competitors' bids.

After his plea, Zaino became a cooperating witness in trials against other bid-riggers that the government convicted.

They include Peter Ghavami, Gary Heinz and Michael Welty, whom Wood fined and sentenced two months ago, and Dominick Carollo, Steven Goldberg and Peter Grimm, whom Judge Harold Baer sentenced last October.

Zaino faces a maximum of 35 years in prison and more than $1 million in fines.

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