2nd Circ. Reinstates Conviction Of Ex-Nomura Trader

Law360 (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...

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