Bond trader faces retrial as U.S. cracks down on Wall Street abuses

(Reuters) - A former Jefferies Group Inc bond trader is going back on trial in federal court in Connecticut over whether he lied to customers about mortgage bond prices to boost profit.

The retrial of Jesse Litvak, with jury selection set for Wednesday and opening arguments for Thursday, comes 13 months after a federal appeals court voided his original conviction and two-year prison sentence.

But it gives U.S. prosecutors a fresh chance to crack down on alleged deceptive Wall Street sales tactics in the bond market, and could bolster cases against several other traders.

"The retrial will clear the air over whether bond traders can increase margins by falsely representing prices, which can distort trading and capital formation," said James Cox, a Duke University law professor. "Whether someone relied on the information is irrelevant to prosecutions; it's all about whether the underlying conduct is condemnable."

C.J. Mahoney, a lawyer for Litvak, declined to comment, as did a spokesman for U.S. Attorney Deirdre Daly in Connecticut.

Litvak, who worked for Jefferies in Stamford, Connecticut, was charged in January 2013 with misleading customers about bond prices from 2009 to 2011.

This allegedly boosted the Leucadia National Corp <LUK.N> unit's profit by about $2.25 million, and his own pay.

Litvak has said his customers were sophisticated investors who were "inherently skeptical" of what counterparties tell them, and would have known if he were cheating them.

Convicted in March 2014, Litvak won a reprieve from the 2nd U.S. Circuit Court of Appeals in December 2015.

That court threw out fraud accusations related to the federal bailout known as the Troubled Asset Relief Program, and said Chief Judge Janet Hall, who oversaw the trial, wrongly excluded expert testimony for the defense.

But it ordered a retrial

Views: 108

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Doc Vega's blog post was featured

Blue Eyed and Blonde

I fell in love with her the very first timeShe was never subtle and hardly sublimeEven her mother…See More
23 hours ago
cheeki kea commented on cheeki kea's video
yesterday
cheeki kea posted a video

FULL Body Language Analysis of Trump and Zelenskyy's MELTDOWN

Download my FREE 100+ Body Language and Persuasion tips, here:https://knesix.com/tipsChapters:0:00 Intro1:40 Critical context of the ceasefire agreement6:04 ...
yesterday
tjdavis posted videos
Saturday
tjdavis posted a blog post
Saturday
rlionhearted_3 posted photos
Saturday
Doc Vega posted a blog post

The Illusion of a Fair Big Government

 What is government and what is it supposed to be? Government is a political institution that…See More
Friday
Doc Vega posted a blog post

Who is Really Behind the UAP Threat?

According to Steven Greer under the aegis of his “Disclosure Project” the first anti-gravity…See More
Wednesday
tjdavis's 4 blog posts were featured
Wednesday
Doc Vega's 5 blog posts were featured
Wednesday
Less Prone favorited tjdavis's video
Wednesday
Burbia commented on tjdavis's video
Wednesday
tjdavis favorited Doc Vega's blog post Social Engineering Nightmare
Feb 25
tjdavis posted videos
Feb 25
cheeki kea commented on cheeki kea's photo
Thumbnail

oh deary me

"Looks like the tables are turning and a change of sides might come into play. New memes out and…"
Feb 25
cheeki kea posted a photo
Feb 25
Doc Vega posted a blog post

Social Engineering Nightmare

 My brain is moving kind of slowAfter my 15th MRNA injection don’t you know?Can’t really say if…See More
Feb 24
tjdavis posted videos
Feb 23
Doc Vega commented on Doc Vega's blog post Let us Never Forget Who Was Responsible for the Wildfires that Devastated Los Angeles and Northern California
"rlionhearted_3 I thought it was supped to be the other way around vegetation catches fire then…"
Feb 23
Doc Vega commented on Doc Vega's blog post Let us Never Forget Who Was Responsible for the Wildfires that Devastated Los Angeles and Northern California
"rlionhearted_3 I'd like to think that the public can wrap their heads around the betrayal and…"
Feb 23

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted