Former Jefferies & Co. Managing Director Jesse Litvak was convicted in the only criminal case against an individual in connection with a U.S. program that used bailout funds to spur investment in mortgage-backed securities.
Customers of former Jefferies & Co. managing director Jesse Litvak told a jury during his fraud trial that they still got good deals on the bonds they bought through him even with his alleged misrepresentations.
Former Jefferies & Co. managing director Jesse Litvak defrauded investors of $2 million using a U.S. bank bailout program to earn illegal profit for the firm, prosecutors said at the start of his trial.
A former Jefferies & Co. managing director charged with defrauding customers out of $2 million using tactics one U.S. official said were worthy of a used-car salesman, is the subject of a novel trial tied to the $700 billion Wall Street bailout.
The U.S. Treasury Department should reevaluate total compensation for employees in companies that were bailed out and apply guidelines that will curb excessive pay, Christy Romero, the special inspector general for the Troubled Asset Relief Program, said.
The U.S. auto bailout’s leader challenged a watchdog’s conclusion that Treasury Department officials pressured General Motors Co. to increase unionized workers’ pensions to secure support for its reorganization.