A Connecticut federal judge has sentenced a former Wall Street trader to two years in prison for securities fraud, saying he took advantage of a government bailout program. The judge also fined Jesse Litvak $1.75 million.
Litvak, of New York City, was a registered broker-dealer and managing director at Jefferies & Co. Inc. who worked on the company’s trading floor in Stamford. Litvak was found guilty in March of securities fraud, Troubled Asset Relief Program fraud and making false statements to the federal government. He was the first person convicted of a crime related to the program that used bailout funds in the financial meltdown to restart trading markets for mortgage-backed securities.
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