Mortgage bond trader Jesse Litvak convicted of fraud, again

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A former Cantor Fitzgerald & Co. mortgage-bond trader, David Demos, was indicted in December on fraud charges for allegedly lying to customers. While prosecutors in the Litvak case proved their case to the jury, Henning said it "wasn’t the wide ranging fraud it was first touted as" and may get another close look from a federal appeals court.

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Following a re-trial in 2017, Litvak was acquitted on nine of ten counts of securities fraud; however, the jury convicted Litvak on one count of securities fraud related to a single RMBS transaction.

Mortgage Bond Trader Convicted of Fraud in Rare Ruling. housingwire.com | March 9, 2014. By Jacob Gaffney. In the financial services industry, rogue trading individuals are rarely convicted. That fact is of little solace to former mortgage bond trader Jesse Litvak right now.

Litvak, who was arrested in January 2013, was originally found guilty of lying to clients about mortgage-backed securities in a March 2014 trial, in which he received a two-year prison sentence and 1.75 million dollar fine for 10 counts of securities fraud, one count of defrauding TARP, and four counts of making false statements, including to large institutional investors such as AllianceBernstein and Soros Fund Management.

Second Circuit Again Reverses Fraud Conviction of RMBS Trader Litvak. A jury convicted Litvak on a single count of securities fraud, for a transaction with an investment manager in which he told the customer’s representative that he had purchased the bond for $79.67, when in fact he had purchased it for $79.50.

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The government’s five-year push to see former Jefferies managing director and mortgage-backed securities trader jesse litvak jailed for mortgage bond fraud is about to fail again, as the Court of Appeals has again sided with Litvak, overturning a lower court’s conviction and ordering Litvak released from jail.

A former Cantor Fitzgerald & Co. mortgage-bond trader, David Demos, was indicted in December on fraud charges for allegedly lying to customers. While prosecutors in the Litvak case proved their case to the jury, Henning said it "wasn’t the wide ranging fraud it was first touted as" and may get another close look from a federal appeals court.

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In July 2010, Jesse Litvak. for the bond than he did, then forwarded it to a trader at Invesco Ltd. to whom he was trying to sell the security, prosecutors said. That act got the 42-year-old.