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Stock Market & Financial Investment News

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March 13, 2014
06:21 EDTLUKJefferies in $25M settlement with SEC
The Securities and Exchange Commission yesterday charged global investment bank and brokerage firm Jefferies LLC with failing to supervise employees on its mortgage-backed securities desk who were lying to customers about pricing. An SEC investigation found that Jefferies representatives including Jesse Litvak, who the SEC charged with securities fraud last year, lied to customers about the prices that the firm paid for certain mortgage-backed securities, thus misleading them about the true amount of profits being earned by the firm in its trading. Jefferies’ policy required supervisors to review the electronic communications of traders and salespeople in order to flag any untrue or misleading information provided customers. However, the policy was not implemented in a way to detect misrepresentations about price. Jefferies agreed to pay $25M to settle the SEC’s charges as well as a parallel action announced by the U.S. Attorney's Office for the District of Connecticut. In a related criminal trial, Litvak was convicted last week of multiple counts of securities fraud and other charges.
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August 28, 2014
11:34 EDTLUKLeucadia to host investor meeting
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