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Securities Regulation, Keyed to Choi
United States v. Litvak
Citation:
889 F.3d 56 (2018)Facts
Jesse Litvak worked as a bond trader at Jefferies & Company, buying and selling residential mortgage-backed securities to sophisticated institutional investors. The RMBS market involves complex securities that are not publicly traded on exchanges, requiring investors to work through broker-dealers who act as principals in transactions. On July 1, 2010, in a BWIC trade, Litvak circulated a bid-list to Brian Norris of Invesco. Norris suggested bidding 79-24 for a particular RMBS bond and indicated he had “some room” to bid higher. Litvak purchased the bond for 79-16 but told Norris he bid “your level” (79-24). Norris then agreed to purchase the bond from Jefferies for 79-30, believing Jefferies’ profit was six ticks when it was actually fourteen ticks, a difference of $73,018.53 on a transaction totaling approximately $23.6 million.
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