Trader told to report to prison despite appeal

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Jesse Litvak’s luck has finally run out.

Bloomberg News reports that a federal appeals court on Tuesday ordered the former Jefferies trader to report to prison on September 12 to begin serving a two-year sentence for lying to customers about mortgage bond prices. He is appealing his January conviction and had asked the Manhattan-based court to allow him to remain free until the case is resolved.

That worked in 2014 after his first trial. Litvak was convicted, but the U.S. Court of Appeals in New York allowed him to remain free during the appeal. That court, known as the Second Circuit, later overturned the conviction, setting up this year’s trial.

The refusal to release him on bail doesn’t mean the latest appeal is doomed, said Peter J. Henning, a professor at Wayne State University Law School in Detroit. But the appeals court’s familiarity with Litvak and the fact that he was convicted again after a second trial doesn’t bode well, Henning said.

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

Ex-Trader Litvak Ordered to Federal Prison During His Appeal

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