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Litvak Tells 2nd Circ. Lie In Bond Sale Isn't Securities Fraud

Law360, New York (August 25, 2017, 7:24 PM EDT) -- Ex-Jefferies Group trader Jesse Litvak urged the Second Circuit on Thursday to toss his residential mortgage-backed securities fraud conviction, telling the court that letting the verdict stand would criminalize commonplace negotiation tactics.

Litvak was found guilty on one fraud count in January for lying about what he paid for a bond when he sold it to an Invesco Ltd. portfolio manager in 2010, allowing his firm to reap undisclosed profit. On appeal, Litvak argues the lie was merely a negotiating posture that did not affect the...
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