Jennings was later suspended by the Financial Industry Regulatory Authority for three months and fined $30,000 for failing to properly supervise mortgage-bond traders. Jennings consented to Finra’s sanctions without admitting or denying its findings.
Litvak’s arrest preceded a broader crackdown on questionable trading practices by bond traders that led to criminal charges against more than a half-dozen traders and the departure of dozens more from their firms.
The case is William H. Jennings II v. Hunt Cos., 18-cv-01793, U.S. District Court, Southern District of New York (Manhattan.)
This article was provided by Bloomberg News.