Man Sentenced In Fraud Case

NEW HAVEN, Conn. (AP) – A former securities trader in Connecticut has been sentenced to two years in prison for fraud.

Forty-two-year-old Jesse Litvak also was ordered to pay a $2 million fine at his sentencing Wednesday in federal court in New Haven.

A 2014 conviction of Litvak for defrauding the government bailout program was reversed in 2014 by a federal appeals court, but he was convicted again in
January following a new trial.

Litvak was a registered broker-dealer and managing director at Jefferies & Co. Inc. who worked on the company’s trading floor in Stamford, Connecticut.

He was fired in 2011.

Prosecutors said Litvak duped clients into paying artificially increased prices or accepting artificially decreased prices for bonds they were buying or
selling, collecting $6.3 million in fraudulent profits for his company.

(© Copyright 2017 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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