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Ex-Jefferies trader free to appeal conviction

American courtroom

A federal appeals court has determined that Jesse C. Litvak, a former senior trader at the Jefferies, can stay out of prison while he appeals a conviction of defrauding investors in mortgage-backed securities.

Gross exit from PIMCO surprised El-Erian

Mohamed El Erian Pic

Mohamed El-Erian, who quit Pacific Investment Management Co. in January amid reports of clashes with Bill Gross, said he was surprised by the events surrounding the departure of the star bond manager last week.