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Ex-Jefferies Director Faces Jury in TARP Fraud Case

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.

Litvak “was not truthful with his clients,” Assistant U.S. Attorney Eric Glover told a federal jury yesterday in New Haven, Connecticut, during his opening statement. “They trusted him. He secretly pocketed the difference for himself and his firm.”