On Monday, Adam Siegel a thirty seven year old bond trader pleaded guilty of conspiring to deceive the customers Royal Bank of Scotland Group Plc by misrepresenting the prices of bond transactions which he and some others handled for them. This was an effort to spike up the profits for the bank.
In the federal court Hartford, Connecticut, Adam Siegel pleaded guilty for taking part in a fraud scheme involving securities worth millions of dollar. He also agreed to cooperate in the ongoing investigation by the prosecutors.
Siegel co-headed U. S. asset-backed securities, mortgage-backed securities and commercial mortgage-backed securities trading at RBS Securities Inc from the year 2008 to
2014. Siegel is not the first RBS trader who pleaded guilty during a probe by the federal prosecutors in Connecticut. The probe is to look into if banks cheated on their customers in relation to prices of mortgage-backed securities.
Earlier on December 8 a federal appellate panel reversed the first conviction in the probe initiated against Jesse Litvak, who was a an ex- managing director of Jefferies Group Inc. He was found guilty in 2014 which lead to a sentence of two years in prison.
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