The former bond trader is scheduled to report to prison on Sept. 12. Litvak was charged four years ago with deceiving large investors seeking to buy up troubled mortgage-backed bonds. He was convicted.
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Second Circuit Again Reverses Fraud Conviction of RMBS Trader Litvak. A jury convicted Litvak on a single count of securities fraud, for a transaction with an investment manager in which he told the customer’s representative that he had purchased the bond for $79.67, when in fact he had purchased it for $79.50.
Jesse Litvak was ecstatic. It was March 31, 2010, and the mortgage bond trader at Jefferies & Co. had just persuaded Michael Canter, head of securitized assets at from giant asset manager Alliance Bernstein, to bite on the purchase of millions of dollars in mortgage bonds.
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· Ex-Trader Ordered to Begin 2-Year Prison Sentence for Lying to Customers. Litvak, 42, was convicted by a federal jury in New Haven, Connecticut, of one of 10 counts of securities fraud and sentenced in April to prison and to pay a $2 million fine. His arrest in 2013 presaged a crackdown on bond traders who employ questionable sales tactics,
Jesse Litvak’s luck has finally run out. A federal appeals court on Tuesday ordered the former Jefferies LLC trader to report to prison on Sept. 12 to begin serving a two-year sentence for lying to.
Fitch: Alt-A Mortgages Deteriorating More Rapidly than Expected Citing "a rapid deterioration of U.S. Alt-A RMBS performance," Fitch Ratings again took the hatchet to its previous assumptions for Alt-A mortgages on Monday morning, revising its surveillance.
The government’s five-year push to see former Jefferies managing director and mortgage-backed securities trader jesse litvak jailed for mortgage bond fraud is about to fail again, as the Court of Appeals has again sided with Litvak, overturning a lower court’s conviction and ordering Litvak.
· A former Cantor Fitzgerald & Co. mortgage-bond trader, David Demos, was indicted in December on fraud charges for allegedly lying to customers. While prosecutors in the Litvak case proved their case to the jury, Henning said it "wasn’t the wide ranging fraud it was first touted as" and may get another close look from a federal appeals court.
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The government’s five-year push to see former Jefferies managing director and mortgage-backed securities trader Jesse Litvak jailed for mortgage bond fraud is about to fail again, as the Court of Appeals has again sided with Litvak, overturning a lower court’s conviction and ordering Litvak released from jail.