Bruce Maffeo, a member of Cozen O'Connor's White Collar Defense & Investigations practice, discusses the outcome of this case on CNBC. Jesse Litvak, who was a Jefferies managing director, was accused of generating $2.25 million of illegal profit by misleading customers including AllianceBernstein and Soros Fund Management about bond prices from 2009 to 2011. Litvak of Boca Raton, Florida, faces up to 20 years in prison at his April 21 sentencing. Six other former traders face similar charges. "It's a good verdict for defense lawyers, but less so for the client who still faces risk of significant jail time," said Bruce.

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