Ex-Jefferies Trader Found Guilty in Securities Fraud Case Over Bond Prices

A jury has convicted Ex-Jefferies Group LLC (JEF) trader Jesse Litvak ofsecurities fraud。Litvak被判犯有15项犯罪罪名，其中包括与他对客户虚假陈述的债券价格有关的10项证券欺诈罪，因此他可以为他和他的公司bob200体育赚更多的钱。他对所有指控不认罪。Jefferies Group是Leucadia National Corp.（Luk）单位。

According to the government, the 39-year-old trader gave clients inaccurate information about the price of residential mortgage-backed bonds and kept the monetary difference. Litvak, who worked at Jefferies from April 2008 through December 2011, is accused of bilking customers of about $2 million, benefiting himself and his employer.

尽管Litvak的法律团队试图说服陪审团说，Litvak对客户或他们是否购买债券的决定没有影响，而他的客户所采用的策略是“预期的”，但政府认为Litvak的陈述确实影响了他的客户。卢特瓦克（Litvak）还被判犯有刑事指控，指控他犯有与陷入困境的资产救济计划有关的欺诈行为。

The former Jefferies broker has yet to receive his prison sentence for the conviction. Meantime, he also is facing a parallel securities fraud case brought by the Securities and Exchange Commission. The regulator is accusing him of bilking investors of mortgage-backed securities to make more revenue for his firm.

The SEC says Litvak would buy an MBS from one client and sell it to a different client and lie about the price. He would then take the difference in price and give it to Jefferies. He also, on occasion, purportedly created a bogus seller to make it seem as if he was working out an MBS trade between clients when he was just selling the securities out of his firm, but at a higher cost. The SEC says that Litvak was able to make another $2.7 million for Jefferies because of the fraud.

Although Jefferies is not accused of wrongdoing related to the charges against Litvak, the brokerage firm has reached a preliminary deal to pay $25 million to settle US probes related to this former employee. In addition to reaching a nonprosecution deal with the US Attorney’s Office in Connecticut and settling with the SEC, Jefferies will also pay trading clients affected by Litvak’s actions.

The criminal conviction against Litvak could help a government investigation launched after Litvak was arrested as year.The Wall Street Journal报道说，调查人员正在试图找出其他交易者是否从事欺诈行为，类似于Litvak。该调查是由美国证券交易委员会（SEC），美国司法部和陷入困境的资产救济计划的特别监察长进行的，并查看了加价和宣传，例如Litvak的标记。

交易者应该优先考虑客户的最大利益，并确保投资及其价格适合客户及其目标和投资组合。不幸的是，有一些财务代表将证券欺诈以盈利的成本为投资者。bob200体育那就是那里Shepherd Smith Edwards and Kantas, LTD LLPsteps in. Ourbob200体育证券律师have helped thousands of investors get their money back.

Former NY RMBS Trader Convicted by Federal Jury of Defrauding TARP, Loansafe.org, March 11, 2014
陪审团发现前杰富瑞（Jefferies）交易者莱特瓦克（Litvak）犯有欺诈, The Wall Street Journal, March 7, 2014

防水布程序, Department of Treasury

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