2nd Circ. Reinstates Conviction Of Ex-Nomura Trader

By Stewart Bishop (September 20, 2019, 11:06 AM EDT) -- The Second Circuit on Friday reinstated the conviction of a former Nomura Securities International Inc. bond trader's conviction for adding secret profit margins to residential mortgage-backed bond transactions, finding the lower court's interpretation of the appellate court's latest Litvak ruling was "overbroad."

Michael Gramins was convicted 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 last year for a second time when a Connecticut federal judge ruled that jurors may have been confused by a witness' suggestion that Gramins owed his customers a duty...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!