Two defendants in two different cases have been cleared by an appeals court and a federal jury of alleged crimes in the sale of mortgage-backed securities.
In U.S. District Court for the District of Connecticut, David Demos was on trial for allegedly lying to his clients. He worked for Cantor Fitzgerald.
A jury heard allegations that Demos lied to Cantor Fitzgerald clients about the prices the firm could obtain in trading mortgage-backed bonds.
Source: Mortgage Daily