Ex-Nomura Trader’s Conviction in Bond Case Is Upheld on Appeal

A federal appeals court in New York denied former Nomura Securities International Inc. trader Michael Gramins’s bid to overturn his 2017 securities fraud conviction for lying to clients about bond prices.

• The 2nd US Circuit Court of Appeals on Wednesday rejected Gramins’s argument that a phone call played by prosecutors during the trial actually exonerated him by showing he was trying to comply with the law
• The jury “could reasonably have understood” the call as reflecting “a joint effort to manipulate a counterparty’s bid while shielding their deceptive conduct,” the appeals court said
• Gramins, the only one of a ...