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Ex-Jefferies Trader Litvak’s Trial Set to Begin April 1

Ex-Jefferies & Co. managing director Jesse C. Litvak will go on trial April 1 on charges that he defrauded customers of more than $2 million on trades of residential mortgage-backed securities.

Litvak, 38, of New York, was arrested Jan. 28 and charged with 16 counts including securities fraud, fraud connected with the Troubled Asset Relief Program and making false statements to the federal government.

Alleged victims include “numerous” investment funds, among them six established by the U.S. Treasury Department in 2009 as part of its response to the financial crisis, according to Connecticut U.S. Attorney David Fein. Litvak, who has also been sued by the U.S. Securities and Exchange Commission, is also accused of defrauding private investment funds.

Jury selection in the case is scheduled to begin at 8:30 a.m. before U.S. District Judge Janet C. Hall in New Haven, Connecticut, according to a Feb. 6 court filing. Litvak pleaded not guilty and is free on $1 million bond. He faces as much as 20 years in prison if convicted of the most serious charges.

The criminal case is USA v. Litvak, 3:13-cr-00019-JCH-1, and the civil case is SEC v. Litvak, 13-132, U.S. District Court, District of Connecticut (New Haven).

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