Former Jefferies Managing Director Jesse Litvak asked a judge to throw out his conviction in the only criminal case against an individual in connection with a U.S. program that used bailout funds to spur investment in mortgage-backed securities.
Bloomberg reports that Litvak, 39, of New York, was found guilty by a federal jury on March 7 of securities fraud and making false statements as well as fraud connected to the U.S. government’s Troubled Asset Relief Program following a trial before U.S. District Judge Janet C. Hall in New Haven, Connecticut. He is scheduled to be sentenced May 30.
Litvak misrepresented how much sellers were asking for securities and what customers would pay, and pocketing the difference for Jefferies, prosecutors said.
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