Jesse Litvak sought any edge he could find on Wall Street.
Bloomberg News reports that the former Jefferies managing director was an aggressive negotiator when trading mortgage-backed bonds, bending the truth or even falsifying chat transcripts in order to maximize his earnings.
On Wednesday Litvak learned his punishment: two years behind bars and a $2 million fine for lying to a customer about bond prices. Litvak was found guilty at a trial in January - although on just one of 10 counts - after his first conviction was reversed on appeal.
"Your victims were harmed by your lies," said U.S. District Judge Janet C. Hall. "They would not have paid you what they paid if you told the truth. You did what you did to make more money for yourself. Being pressed for money or wanting more money is never an excuse or even an explanation for a crime."
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