Former Jefferies Group trader Jesse Litvak—the only person convicted of fraud in connection with the the U.S. government’s Troubled Asset Relief Program (TARP)—was sentenced on Wednesday to two years in prison for lying to customers about mortgage-backed securities, Bloomberg reports.
Litvak was convicted on March 7 on charges that included securities fraud, making false statements and fraud under TARP, a $20 billion federal bailout program for the financial industry. He was sentenced by Chief Judge Janet Hall of the U.S. District Court in New Haven, Conn., who also hit Litvak with a $1.75 million fine, Reuters reports.
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