Bond Trader Jesse Litvak’s Ordeal Ends as Fraud Case Dropped (3)

The five-year legal odyssey of former Jefferies Group LLC managing director Jesse Litvak, who was jailed for fraudulent bond-trading tactics until an appeals court freed him, came to an end after prosecutors said they don’t intend to try him yet again.

Litvak’s arrest in 2013 sent shock waves through Wall Street and led to the resignations and suspensions of dozens of traders. But the crackdown stalled spectacularly in May, when the U.S. Court of Appeals for the Second Circuit vacated Litvak’s conviction for a second time, just hours before a jury acquitted a former Cantor Fitzgerald LP bond trader accused ...