The U.S. government has urged a federal appeals court not to throw out a former Jefferies Group Managing Director's conviction for defrauding mortgage bond investors after the financial crisis, which the court had warned it might do.
Reuters reports that in a Tuesday filing with the 2nd U.S. Circuit Court of Appeals, U.S. Attorney Deirdre Daly of Connecticut said jurors could have reasonably concluded that defendant Jesse Litvak intentionally lied to customers from 2009 to 2011 about trades he handled for them.
'The evidence was sufficient for the jury to convict Litvak of securities fraud, TARP fraud, and making false statements', Daly said. She also said jurors were properly instructed on the law.
Litvak, 40, was sentenced to two years in prison following his conviction last March, but the married father of two is free on bail after the 2nd Circuit in October said his appeal raised 'a substantial question of law or fact likely to result in reversal'.
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