2nd Circ. Flips Ex-Jefferies Trader's RMBS Fraud Conviction

Law360, New York (May 3, 2018, 10:07 AM EDT) -- The Second Circuit once again reversed the conviction of former Jefferies Group trader Jesse Litvak on Thursday, deciding that a Connecticut federal judge had erred in allowing a residential mortgage-backed securities buyer to testify about his mistaken belief that Litvak was working as his agent when Litvak lied to him during a transaction.

Former Jefferies Group trader Jesse Litvak, center, who began serving a two-year sentence in September, has been ordered freed from prison after the Second Circuit reversed his conviction for securities fraud and remanded the case to the trial court. (Getty) Litvak was convicted at a January 2017 retrial on...

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