A federal jury found former American global investment bank and institutional securities firm, Jefferies Group bond trader Jesse Litvak guilty on one count of cheating his customers on bond prices, while releasing him on nine other counts. The verdict by jurors in New Haven, Connecticut came nearly three years later after a different jury found Litvak guilty of the same fraud counts and other charges in 2014, and punished him to two years in prison, but that was later upturned on an appeal.
Litvak had also been accused of making $2.25 million of illegal profit by deceiving customers as well as Alliance Bernstein and Soros Fund Management of bond prices from 2009 to 2011. According to Reuters, Litvak was motivated by greed, and that his "lies" caused customers to overpay for bonds they were buying and accept lower prices for bonds they were selling. But defense lawyers countered that Litvak's customers were sophisticated investors with a deep well of talent, computer models and economic forecasts, and would know enough to be skeptical if prices that Litvak quoted looked wrong.