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Former Jefferies trader, managing director convicted in securities fraud case

A federal jury found former Jefferies LLC Managing Director and bond trader Jesse Litvak guilty of defrauding customers, but acquitted him of nine other charges in a securities fraud case, Reuters reported Jan. 27.

Litvak has been convicted for a second time of lying to customers about bond prices. Previously in March 2014, a federal jury had convicted him of all 10 securities fraud counts plus other charges, including misrepresenting certain facts to clients and fraud in connection with the TARP-funded Public-Private Investment Program. The verdict was overturned on appeal in December 2015.

Litvak could face up to 20 years in jail on the charge. The judge has set April 21 as the sentencing date.

Litvak's lawyer declined to comment on the matter.