According to an article in Bloomberg:
Jesse Litvak, a trader at Jefferies, is the only person charged with fraud in connection with an initiative to distribute more than $20 billion from the Troubled Asset Relief Program, or TARP, which used bailout funds to spur investment in mortgage-backed securities issued before 2009 that remained on the books of financial institutions. He’s accused of misrepresenting how much sellers were asking for the securities, or what customers would pay, keeping the difference for Jefferies.
Litvak faces 20 years in prison. His attorney said his behavior is merely the reflection of the Jefferies sales culture.
