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Lies Traders Tell: A New Trial, a New Worry in Mortgage-Bond Circles

By Tony Seruga

Traders grew anxious as prosecutors ramped up investigation
Evidence in latest case involving Nomura trio set for Monday

In the stock market, the tape never lies.

In the bond market, sometimes traders do.

That’s the message federal authorities have been sending for years as they’ve targeted dubious practices on Wall Street bond desks.

The hot topic lately: prices. What happens when traders quote different prices to different buyers — or fudge when asked what they themselves paid? One trader, Jesse Litvak, was sentenced to prison last month for lying to clients. Three others facing similar charges are on trial in a separate case ramping up on Monday…

Lies Traders Tell: A New Trial, a New Worry in Mortgage-Bond Circles

Categories : Finance

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