Jury hears tape of Nomura bond trader

The three former Nomura bond traders on trial for lying to their customers about bond prices haven’t said whether they’ll testify in their own defense. But jurors still heard from one of them as he allegedly prepared to lie to a client.

Bloomberg News reports that prosecutors played audio recordings as they neared the end of their case against Ross Shapiro, Michael Gramins and Tyler Peters.

During the first 2 1/2 weeks of trial, much of the government’s evidence consisted of witness testimony and transcripts of electronic chats, portions of which were read to jurors as prosecutors tried to show how the three deceived other traders.

But after former QVT Inc. portfolio manager Joel Wollman took the stand Wednesday, prosecutors played audio of Gramins and others allegedly discussing what to say to Wollman as part of a November 2013 trade negotiation where the government says he was deceived. Marc Mukasey, an attorney for Gramins, had sought to block prosecutors from playing the recordings, calling the move a “theatrical stunt,” a bid rejected by U.S. District Judge Robert Chatigny.

Hit the link below to access the complete Bloomberg News article:

Nomura Trader Jury Hears What U.S. Calls Fraud-in-the-Making

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