Jury Clears Ex-Nomura Trader, Rejects SEC No-Lying Theory

By Pete Brush (May 6, 2022, 3:43 PM EDT) -- A Manhattan federal jury on Friday cleared a former Nomura trader of fraud over lies he told to counterparties in the commercial bond market, rejecting the U.S. Securities and Exchange Commission's theory that traders must adhere strictly to factual statements.

The jury of five men and three women deliberated over two days before reaching a verdict after a civil trial against James Im that opened April 27 and was overseen by U.S. District Judge J. Paul Oetken.

An elated Im smiled broadly as the verdict was read in the 3 p.m. hour. His lawyers patted him on the back. After Judge Oetken...

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