Jury Delivers Single Conviction In Nomura RMBS Fraud Case

Law360, New York (June 15, 2017, 2:21 PM EDT) -- A Connecticut federal jury Thursday found a former supervisor on Nomura's residential mortgage-backed securities desk guilty of one conspiracy count linked to a secret commission allegedly tacked onto transactions, but rendered not-guilty verdicts on most charges against him and two others and hung on a smattering of counts, according to federal prosecutors.

Prosecutors had accused Ross Shapiro, Michael Gramins and Tyler Peters of adding profit margins to RMBS transactions without telling the counterparty when they worked at Nomura Securities International Inc. in between 2009 and 2013. After a trial that began in early May and well over a week of deliberations,...

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