Ex-Trader To Start 2nd Trial Over $2.26M RMBS Fraud

Law360, New York (January 4, 2017, 1:46 PM EST) -- A former Jefferies & Co. bond trader will step back into the New Haven, Connecticut, courtroom where he was convicted in 2014 of a $2.26 million trading fraud Thursday morning, starting a fresh trial in a case that could determine the level of criminal blame traders bear for misstatements.

Jesse Litvak was convicted in March 2014 and sentenced to two years in prison after being charged with misrepresenting RMBS sellers' asking prices to buyers, or buyers' bid prices to sellers, and then keeping the difference, defrauding parties including the U.S. Department of the Treasury via the financial-crisis-era Troubled Asset Relief Program....

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