- Associated Press - Tuesday, December 16, 2014

TRENTON, N.J. (AP) - Federal prosecutors in New Jersey say a former bond trader from Florida has been sentenced to 30 months in prison for manipulating the prices of mortgage debt.

Douglas Green’s actions caused more than $9 million in losses for one of the nation’s largest clearing firms. He had pleaded guilty in 2011 to securities fraud.

The 50-year-old Boca Raton resident tried to conceal significant trading losses by entering fraudulent trades for an account he managed at Crocker Securities LLC, which had Jersey City-based Pershing LLC handle its trades and related record-keeping.

Starting in June 2004, Green began entering fraudulent transactions involving collateralized mortgage obligations, increasing their prices to correspond to his rising trading losses. He also entered fake CMO sales into Pershing’s system, then canceled them shortly before the settlement dates.


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide