Shady-Trading Crackdown Sees Gramins Conviction Reinstated (2)

A federal appeals court reinstated the conviction of former Nomura Securities International Inc. trader Michael Gramins, saying the facts that led to another trader’s exoneration didn’t apply to him and advancing a government crackdown on shady practices in the trading of complex bonds.

The ruling Sept. 20, by the U.S. Court of Appeals in New York, is a victory for federal prosecutors in Connecticut following setbacks to their campaign against questionable negotiating tactics used by bond traders. The panel said the facts in Gramins’s case weren’t like those in the case of former Jefferies Group LLC bond trader Jesse ...