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One Nomura Trader Convicted, One Cleared at Bond Fraud Trial

  • Third trader faces possible retrial as U.S. weighs options
  • Ex-trader Gramins is found guilty while Peters is acquitted
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A former Nomura Holdings Inc. trader was found guilty of conspiring to lie to clients about mortgage-bond prices, while another was cleared of all charges in a verdict that highlights the challenge of policing fraud in the market.

Michael Gramins was convicted of conspiracy and cleared of six fraud counts, while the jury was hung on two other charges. Tyler Peters was acquitted of all nine charges. Jurors cleared a third trader, Ross Shapiro, of eight counts of fraud, but deadlocked on one conspiracy count. Prosecutors must decide whether to retry Shapiro and Gramins on the unresolved counts.