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Ex-Jefferies Trader Says Case Criminalizes Car Dealers

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Former Jefferies & Co. managing director Jesse Litvak warned an appeals court that his securities fraud conviction could be used to prosecute any business involved in simple negotiations -- including car dealers -- turning the government declaration that his behavior was ``unfit for a used car lot'' on its head.

Litvak, found guilty in March of lying to customers about the price of mortgage-backed securities, yesterday asked the U.S. Court of Appeals in Manhattan to throw out the conviction, saying it could be used to turn “garden-variety statements” made in all kinds of negotiations into the basis for charges.