A Florida man was convicted in New Haven of one count of securities fraud stemming from trading in residential mortgage-backed securities.

Jesse Litvak of Boca Raton, Florida was a senior trader and managing director at Jeffries & Co. Inc., a global securities and investment banking firm headquartered in New York. Jeffries also had a trading floor in Stamford, where Litvak and other members of the RMBS trading group worked. The jury found that Litvak engaged in scheme to defraud in which he exploited information and misrepresented to his PPIP fund victim the price he had paid for a RMBS bond in order to increase his profit on the trade.

His sentencing is scheduled for April 21, at which time he faces up to 20 years in prison. Litvak has been released on bond since his arrest on Jan. 28, 2013.

Litvak was convicted after trial on March 7, 2014, of 10 counts of securities fraud, one count of TARP fraud and three counts of making false statements to the government. LITVAK appealed his conviction and, on Dec. 8, 2015, the U.S. Court of Appeals for the Second Circuit reversed the judgment of conviction as to the TARP fraud and making false statement charges, and remanded the matter for a new trial on the securities fraud charges.