{"id":1197,"date":"2013-02-11T19:50:18","date_gmt":"2013-02-11T19:50:18","guid":{"rendered":"https:\/\/www.stockbrokerfraudblog.com\/2013\/02\/former_jeffries_director_charg"},"modified":"2022-03-10T16:35:53","modified_gmt":"2022-03-10T22:35:53","slug":"former-jeffries-director-charg","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/former-jeffries-director-charg\/","title":{"rendered":"Former Jeffries Director Charged with Securities Fraud Crimes and Sued By SEC Over Alleged Residential Mortgage-Backed Securities"},"content":{"rendered":"

\t\t\t\tThe US Justice Department has filed criminal charges against ex-Jefferies & Co. Inc. Director Jesse Litvak, who is accused of defrauding investors in residential mortgage-backed securities<\/a>. The former senior trader allegedly also defrauded a federal bank bailout program and private and public funds when he falsified sellers’ identities and prices to try to make more money for his employer.<\/p>\n

Investigators contend that Litvak was able to generate over $2.7 million from his securities scam. He has pleaded not guilty to 16 criminal charges. The case against him is the first under a law that bans major fraud against the US through TARP (the Troubled Asset Relief Program.)<\/p>\n

Meantime, the Securities and Exchange Commission has filed a civil case against Litvak over the same alleged RMBS fraud<\/a>. The SEC says that the former Jefferies director would lie about the buying price of mortgage-backed securities that he would purchase from one client and sell to another. He is accused of making up a fictional seller to make it seem like he was putting together an RMBS trade between customers when he was actually just selling securities from the inventory of the firm at a high price. <\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

The US Justice Department has filed criminal charges against ex-Jefferies & Co. Inc. Director Jesse Litvak, who is accused of defrauding investors in residential mortgage-backed securities. The former senior trader allegedly also defrauded a federal bank bailout program and private and public funds when he falsified sellers’ identities and prices to try to make more […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3753,3741],"tags":[],"class_list":["post-1197","post","type-post","status-publish","format-standard","hentry","category-mortgage-backed-securities","category-securities-fraud"],"yoast_head":"\nFormer Jeffries Director Charged with Securities Fraud Crimes and Sued By SEC Over Alleged Residential Mortgage-Backed Securities — Investor Lawyers Blog — February 11, 2013<\/title>\n<meta name=\"description\" content=\"The US Justice Department has filed criminal charges against ex-Jefferies & Co. Inc. 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