A former Nomura Securities International Inc. managing director reached a deal with federal prosecutors in Connecticut that will allow him to avoid a second trial on charges that he conspired to defraud clients by lying to them about the prices of mortgage-backed securities.
Ross Shapiro, the firm’s former head trader for mortgage-backed securities, had been cleared of eight fraud charges in a 2017 trial in Hartford, but jurors were deadlocked on a single conspiracy count. On Tuesday, he agreed to waive his rights to a speedy trial and a statute of limitations so he can complete a one-year pre-trial diversion program. After that, the case would be dropped.
