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Lies Just Part of Bond Trader's Job

Customers of ex-Jeffries trader on trial for fraud say lying is an integral part of making deals.

By Chris Dolmetsch and John Dillon, Bloomberg | Updated on February 25, 2014

Ex-Jefferies & Co. trader Jesse Litvak’s former customers told a jury during his fraud trial in Connecticut that lies and misrepresentations are common and part of the give-and-take of bond trading.

Litvak, 39, is on trial in federal court in New Haven, Connecticut, accused of defrauding investors of $2 million by lying on trades of mortgage-backed securities. He’s the only person charged with fraud in connection with an initiative to distribute more than $20 billion from the Troubled Asset Relief Program (TARP), which the U.S. government created during the 2008 credit crisis to help bail out banks.

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