U.S. prosecutors have recommended that Jesse Litvak, the former Jefferies trader convicted of defrauding investors in mortgage bond trades after the financial crisis, be sentenced to nine years in prison and a $5m fine.
Reuters reports that Litvak's lawyers countered by requesting a maximum 14-month sentence, saying their client does not deserve a prison term 'approaching those of the worst white collar offenders in recent history'.
They also said no restitution was justified, and that Litvak, 39, a married father of two, derived no personal gain from his activities.
Both requests were made on Friday with the U.S. District Court in New Haven, Connecticut, where Litvak is scheduled to be sentenced on July 23 by Chief Judge Janet Hall. Litvak has also sought to have his conviction voided.
Prosecutors accused Litvak of swindling customers out of more than $2m from 2009 to 2011 by inflating bond prices, lying about what Jefferies paid for bonds and inventing sellers.
To access the complete Reuters article hit the link below: