A U.S. district court in New Haven, Conn., has turned back a motion by Jesse Litvak, a former managing director at Jefferies Group Inc., to have his fraud conviction overturned, Reuters reported.
In March a jury found Litvak guilty of securities fraud, making false statements, and fraud related to the government’s Troubled Asset Relief Program (TARP), Bloomberg News reported. Prosecutors accused Litvak of lying to customers about the prices of mortgage-backed securities, and of telling customers that some securities were being sold by a third party—who in reality did not exist—in order to collect a higher commission.
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