NEW YORK (AP) — An appeals court in New York says a former Wall Street trader can be released from prison because he was improperly convicted of taking advantage of a government bailout program.
The ruling Thursday by the 2nd U.S. Circuit Court of Appeals frees Jesse Litvak from a two-year prison sentence he was serving after his securities fraud conviction last year.
Authorities say he was the first person convicted of a crime related to the program that used bailout funds in the financial meltdown to restart trading markets for mortgage-backed securities.
It is the second time the appeals court has reversed a conviction of Litvak since he was indicted in 2013. The 2nd Circuit earlier reversed his conviction on charges of securities fraud, Troubled Asset Relief Program fraud and making false statements.
Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.