A former Royal Bank of Scotland bond trader pleaded guilty to lying to customers in order to get them to pay higher prices as the U.S. continues probing tactics used in the market for complex debt -- undaunted by an appeals court’s rejection of a key conviction.
Bloomberg News reports that Adam Siegel’s plea is an indication that the government is continuing a crackdown on deceptive practices in the bond market even after an appeals court threw out the conviction of former Jefferies trader Jesse Litvak. Siegel agreed to cooperate with the government in the probe of bond-market trading.
Siegel, 37, served as co-head of mortgage and U.S. corporate trading at RBS’s securities unit before he was placed on leave last year. He left the bank in June 2014 and joined Fortress Investment Group.
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