Ex-Nomura Trader Must Defend Bond-Case Dismissal in Higher Court
(Bloomberg) -- Prosecutors are pressing their attack on questionable practices used by bond traders, appealing a judge's decision to toss out the conviction of a former Nomura Holdings Inc. managing director caught up in the sputtering U.S. crackdown.
Michael Gramins was found guilty last year of one conspiracy count after a trial in Hartford, Connecticut, and cleared of six fraud counts; jurors deadlocked on two other charges. Shortly before his retrial was to start, a federal appeals court in another case tossed out the conviction of another trader, Jesse Litvak -- and that prompted Gramins's judge to follow suit.
Federal prosecutors on Thursday appealed the ruling by U.S. District Judge Robert Chatigny, who said testimony by a representative of one of Gramins's customers may have led jurors to mistakenly conclude that Gramins had a duty to tell the truth in negotiations.
Gramins's lawyer, Marc Mukasey, said Thursday that the “cases have proven to be a colossal failure for the government.”
Ex-Nomura Bond Trader Wins Retrial in Latest Crackdown Blow
Litvak Case Returns Again to Appeals Court in Long-Shot U.S. Bid
To contact the reporter on this story: Chris Dolmetsch in New York State Supreme Court in Manhattan at cdolmetsch@bloomberg.net
To contact the editors responsible for this story: David Glovin at dglovin@bloomberg.net, Joe Schneider
©2018 Bloomberg L.P.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.
-
Why Amazon And Flipkart Are Struggling To Beat Meesho In India's Smaller Cities
With 274 million users and lowest-cost logistics, Meesho is defending its value commerce crown against giants like Amazon and Flipkart.
-
High US Salaries, No Green Card Certainty: The Financial Calculation Facing Indian H-1B Families
The suspension of PERM processing at eight technology employers does not cancel existing H-1B visas. What it does is force a question many Indian families have been avoiding: is the US salary worth tying your career and family plans to one employer?
-
Swiggy vs Eternal: Food Delivery's Two Rivals Are No Longer In The Same Race
Eternal is building a private AI assistant, dark.ai. Swiggy is still working out how to make Instamart pay, with an operating loss of Rs 895 crore in the July-September quarter while Blinkit stayed profitable.
