A U.S. appeals court vacated the conviction of former Jefferies Group LLC trader Jesse Litvak, the latest turn in a case that has spanned more than five years and helped usher in changes to sales tactics on Wall Street. Mr. Litvak had been convicted of securities fraud related to the sale of residential mortgage-backed bonds and has been serving a two-year prison sentence. But the U.S. Court of Appeals for the Second Circuit on Thursday said a district court “materially erred” in admitting evidence related to a trade cited...

Source: Wall Street Journal May 03, 2018 19:46 UTC