When Does Bargaining Become Fraud?

摘要

On a used-car lot, a salesman who bends the truth to close a sale isn't breaking the law. But a bond trader using some of the same sales tricks may end up facing criminal fraud charges. That's what happened to Jesse Litvak-and he's putting up a fight. The former Jefferies & Co. trader was found guilty in March 2014 for lying to buyers about how much he paid for bonds he was selling. That conviction was overturned on Dec. 8. Litvak will be retried and get another chance to argue that bond traders are basically used-car salesmen.