Feds Ask 2nd Circ. To Revive Ex-Nomura Trader's Conviction

Law360 (September 5, 2018, 7:35 PM EDT) -- Prosecutors asked the Second Circuit to reinstate a former Nomura Securities International Inc. bond trader's conviction, saying on Tuesday a Connecticut federal judge wrongly granted him a new trial by equating the case with the one against Jesse Litvak, another trader freed over misleading evidence.

Michael Gramins was convicted last year of conspiracy after jurors heard that Gramins and his colleagues had added secret profit margins to residential mortgage-backed bond transactions. He was granted a new trial in June when a judge ruled that jurors may have been confused by a witness' suggestion that Gramins owed his customers a duty of...

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