March 7 A federal jury found former Jefferies Group Inc trader Jesse Litvak guilty of defrauding clients on mortgage bond trades, a victory for the government as it probes whether banks cheated their customers in the years after the financial crisis.
Litvak, 39, was found guilty on Friday on all 15 counts he faced, following 1-1/2 days of deliberations by jurors in the federal court in New Haven, Connecticut. The trial began on Feb. 18.
Prosecutors accused Litvak of cheating clients out of more than $2 million by inflating bond prices, lying about how much Jefferies paid for them, and even inventing imaginary sellers.
They said he did this to boost Jefferies' profit and his own pay.