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A Connecticut federal jury wrongly conflated lying with lawbreaking when it convicted former Nomura Securities trader Michael Gramins of scheming to trick residential mortgage-backed bond buyers, his counsel told a Second Circuit panel on Thursday.
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Ex-Nomura Trader Tells 2nd Circ. He Had No Intent To Harm
Law360, New York (April 21, 2021, 5:42 PM EDT) The conviction of ex-Nomura trader Michael Gramins on a count of scheming to trick bond buyers on pricing should be reversed, his counsel told the Second Circuit Tuesday, arguing there was no proof that he intended to break the law.
More than five years after he was indicted on nine conspiracy counts, and nearly four years after he was convicted in 2017 on a single count by a jury in New Haven, Connecticut, Gramins legal team renewed its case for acquittal or a new trial to the federal appellate court in New York City.
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Ex-Nomura Trader Avoids Jail Time In RMBS Fraud Case
Law360 (December 17, 2020, 9:17 PM EST) Former Nomura Securities International Inc. bond trader Michael Gramins was sentenced Thursday to six months home confinement with an electronic monitor, avoiding the prison term Connecticut federal prosecutors had requested for his fraud conspiracy conviction involving residential mortgage-backed securities.
U.S. District Judge Robert N. Chatigny seemed moved by the more than 100 letters written by family, friends and supporters of Gramins attesting to his good character, finding that Gramins 2017 conviction appeared to be a deviation from an otherwise ethical life. Do I need to incarcerate him in order to impose just punishment? Is it necessary? the judge asked. I don t.