Former Jefferies managing director Jesse Litvak says he should be spared prison when he is sentenced later this month following his conviction of a single count of fraud - a crime the government says is worth jail time.
Bloomberg News reports that federal jury in Connecticut found Litvak guilty in January of defrauding customers on trades of mortgage-backed securities, but on only one of 10 criminal counts. The circumstances surrounding sentencing have changed "dramatically," his lawyers said in court filings Monday, seeking a term of eight months of home confinement and a $250,000 fine.
Prosecutors, on the other hand, seemed “poised” to ask for a sentence of at least nine to 11 years in prison - the same term they sought after Litvak’s conviction at his first trial, which was reversed on appeal, defense lawyers said. Sentencing is scheduled for April 26 in New Haven.
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