Mortgage-backed securities price fraud prosecution rests case

DALLAS-The final sentencing was held today in the massive AmeriFirst securities fraud case, prosecuted in the Northern District of Texas, that has resulted in a total of seven felony convictions and prison sentences up to 25 years, announced U.S. Attorney Sarah R. Saldaa of the Northern District of Texas.

Cleary Gottlieb Discusses Second Circuit’s Reversals of RMBS Trader’s Fraud Conviction. A jury convicted Litvak on a single count of securities fraud, for a transaction with an investment manager in which he told the customer’s representative that he had purchased the bond for $79.67, when in fact he had purchased it for $79.50.

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 · Indictment Charges Three Former Nomura RMBS Traders with Multiple Fraud and Conspiracy Offenses.. and PETERS supervised the Residential Mortgage Backed Securities (“RMBS”) Desk at Nomura.

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Mortgage fraud prosecutions are often multi-defendant cases involving bank officers who falsely verified deposits in banks, escrow agents who lost their independence, and appraisers who inflated the value of homes to get a kick back. Everyone, at every level of the fraud, got a piece of the pie when the loan funded.

The FBI has observed a rise in corporate fraud schemes and trends, such as the failures of prominent financial institutions partly caused by the recent collapse of the Sub-Prime market, the falsification of accounting records to obtain government funding through the $700 billion Troubled Asset Relief Program (TARP), and misrepresentations regarding the risks and valuations of complex financial instruments (e.g., credit default swaps and mortgage backed securities).

Lieff Cabraser securities attorneys have tried two federal securities class actions to jury verdicts, prevailing in both, including a $170 million verdict. working with co-counsel, we have achieved verdicts, judgments, and settlements in excess of $2.1 billion for our clients in securities and investor fraud cases.

Litvak, 40, is the first person to be convicted of fraud tied to. to spur investments in mortgage-backed securities after the 2008 financial crisis. More cases may be pending, with Litvak’s serving.

On May 3, the Second Circuit vacated on evidentiary grounds Jesse Litvak’s conviction – after a second trial – on a single count of securities fraud related to trades of residential mortgage backed securities ("RMBS") and remanded the case to the United States District Court for the District of Connecticut.

Global securities firm RBS Securities is to pay a USD35 million penalty relating to the company’s fraudulent trading through its now-defunct US Asset-Backed Securities, Mortgage-Backed Securities and Commercial Mortgage-Backed Securities Trading group.

American Mortgage Consultants buys meridian asset services Equity-rich properties rise as fewer go underwater [Podcast & Article] Cities with Most Underwater Mortgages. – Podcast episode #211 real estate investing news cities with Most Underwater Mortgages Still Offer Best Bargains. Listen to the full episode OR Scroll to read the related article.american mortgage Consultants Inc. (AMC) has announced the acquisition of Meridian Asset Services LLC. The financial terms of the acquisition were not made public. The St. Petersburg, Fla.-based Meridian will operate as a subsidiary of New York-based AMC and retain its brand identity and senior.