Creep of the week

A former Jefferies & Co. managing director convicted of fraud for lying to customers about the price of mortgage-backed securities sued the AllianceBernstein Holding LP (AB) executive who reported him.

Jesse C. Litvak sued Michael Canter, head of the securitized assets group at New York-based AllianceBernstein, in New York State Supreme Court in Manhattan yesterday, accusing him of using “wrongful, unfair or improper means” to interfere with his employment, directly resulting in his termination.

Litvak was accused of defrauding investors of $2 million by misrepresenting how much sellers were asking for the securities, or what customers would pay, and keeping the difference for Jefferies…

Canter testified for the prosecution during the case, saying the spreadsheet showed that Litvak had misled him about how much Jefferies had paid for bonds, including one instance when Canter agreed to raise a bid, yet the firm still paid the original price.

Litvak was found guilty in March of securities fraud and making false statements, as well as fraud connected to the Troubled Asset Relief Program. Along with his prison sentence, he was ordered to pay a $1.75 million fine.

Throw away the key!

The judge should call him back for re-sentencing – and double the time, triple the fine!

  1. jpfitz says:

    These Wall Street banksters ruining people’s lives by outright lying and stealing should as Marc proclaimed be tossed in jail and let big sweaty bubba have at him.

    The gall of this crook to sue the smart investor who caught him is I believe not uncommon in the money market industry.

  2. Glenn E. says:

    To me, this sounds like the “legal” version, of what the Mafia does to finks. Go after they who rat them out to the law. What a shock that Wall Street types can do this sort of thing, involving the very same offense for which they’re being indicted for. Shouldn’t there be some protection, for the victim/witness, against these kinds of reprisals? Or is the legal system entirely a tool of the rich, or the richest?

  3. Spooks in the Walls says:

    Are you serious? $2 million in fraud?! That’s like a parking ticket to most of the crooks who have office space on Wall Street. IT’S NOTHING!!!

    I’ve actually met Mr. Canter who I thought made Ebeneezer Scrooge seem more loveable. Go ahead. Ask Canter how much HE makes in COMMISSIONS! Talk about criminal activity on Wall Street. HA! That’s a good one.

    This is just one more court case hardly worth the legal paper to wipe one’s own ass, if you ask me.

    • Ah_Yea says:

      I agree with the assertions about Cantor,

      I disagree the “This is just one more court case hardly worth the legal paper”.

      This is why. “Canter received an e-mail from a Jefferies colleague that mistakenly contained a spreadsheet detailing a history of bond trading at the firm. ”

      Certainly this email had the common disclaimer “For the recipient only, if the receiver of this email is not the recipient, this email must be deleted immediately.”

      So Livtak is trying to assert that he should not be in jail because the evidence against him is inadmissible, given Cantor had no legal right to view the email. That in fact Cantor broke the law in viewing the email and further broke the law in forwarding the contents of the email.

      It should be interesting to see what the judge does with this.

      • spsffan says:

        Hopefully, the judge rules that the disclaimer is not worth the electrons it was created with.

        I always found those disclaimers to be rather amusing, and I’ve been waiting for one to get challenged in court. But I’ll bet this one goes eventually up to the Supremes.

      • sargasso_c says:

        Very interesting!

  4. MikeN says:

    [Comment deleted – Violation of Posting Guidelines. – ed.]

  5. Cephus says:

    Anyone can sue for anything they want. Whether it will gain any traction in the courts at all is another matter. It will almost certainly get thrown out by the judge the first time it sees a courtroom.

  6. Jose Antonio says:

    Scumbag rats on another Scumbag and gets sued for his trouble… Perfect!

  7. Phydeau says:

    What’s wrong with this guy? He’s the kind of guy wingnuts worship. Big, rich, powerful.

    Wingnuts get their panties in a twist when some poor guy scams $100 in foodstamps. But when rich people like this guy scam billions of dollars from American taxpayers, wingnuts shrug their shoulders, meh.

    And when people like Elizabeth Warren stand up for the American taxpayer against these guys, y’all heap abuse on her.

    You don’t deserve the word “conservative”. You’re conserving nothing, you’re just enabling the elites to loot the country by supporting Republicans. Sure, there are lots of Democrats in bed with the big money boys but it’s not 100% like the Republicans.

    You support politicians that harm you. That makes you clueless wacko wingnuts, sad to say.

  8. Steve S says:

    The US government aggressively pursues people, like Snowden, who reveal government sneaky and illegal behavior so why not make punishing the whistleblower a crime. If it’s good enough for he highest authority in the land, then it’s good enough for ordinary people as well. Excuse me I have to go throw up now.

    • jpfitz says:

      Too much scotch?

      You can’t compare the two injustices. Political sniping and personal monies being stolen, then suing the victim are not worth the scotch you’ve been drinking.

  9. Tim says:

    Speaking of frivolous lawsuits…

    It’s an unusual lawsuit, one that the plaintiff likens to “a derivative action on behalf of the American Public,” and is primarily based upon Snowden’s agreement with the United States to keep confidentiality

    Edwards is clearly upset by Snowden’s actions, calling them “dishonorable and indefensible and not the acts of a legitimate whistleblower,”

    Well. Hardy, hardy, har. Let them ask the ‘mericun people what they think of mr. Edwards’ concern for them — and discount those derp-all answers of “what the fuk are you even talking about? I’m trying to watch Rihanna…”

    All the ‘paranoids’, all the ‘tinfoil hatters and loons’ — vindicated; Proven correct all along. It must be painful to face the other things they were saying what with the perpetrators and derpitudinal enablers facing eternal hellfire and all (don’t we all that swallowed a lie??).

    We told you so. We’re met with abject anger instead of ‘oh yea, maybe you were right’. There is the proof. There is the ‘studies to show’… They kill us people.

    Do I feel ‘holier than thou??’ You bet.

  10. Tim says:

    Happy winter solstice deflorination festival, all.

    And in tribute to bobbo who seems to have finally found Jesus and buggered off away from here — Merry Christmas, dude. Peace be unto you and yours.

    * ‘Tis the reason for the season *…. Axial tilt?? Well, for what it’s worth, I’m a believer. Though not so much in the so called ‘axial tilt’ theory.

    • Dinner with Andre says:

      Andre misses bobbo.

      Merry Christmas and a Happy New Year!

      Can’t wait for the mischief 2015 will bring.


Bad Behavior has blocked 12946 access attempts in the last 7 days.