Ex-Jefferies trader appeals fraud conviction

Gavel

Ex-Jefferies Managing Director Jesse Litvak, the only person convicted of fraud in connection with a U.S. program that used bailout funds to spur investment in mortgage-backed securities, filed court papers starting his appeal.

Bloomberg News reports that Litvak, 39, was convicted in March of securities fraud and making false statements, as well as fraud connected to the U.S. government’s Troubled Asset Relief Program, in a trial in federal court in Connecticut. He was sentenced last month to two years in prison and ordered to pay a $1.75m fine for lying to customers about mortgage-backed securities.

Defense lawyers have filed a notice of appeal. Attorney Patrick Smith, with DLA Piper, didn’t immediately respond to an e-mail for comment on the appeal.

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Ex-Jefferies Trader Jesse Litvak Appeals Fraud Conviction

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