Appeals court skeptical of fairness of trader's conviction
National News
An appeals court panel on Wednesday expressed doubts about the fairness of a prosecution that led to a prison sentence for a man convicted of defrauding a government bailout program.
A three-judge panel of the 2nd U.S. Circuit Court of Appeals had plenty of questions for a prosecutor as it conducted oral arguments in an appeal by Jesse Litvak, a bond trader on the Stamford, Connecticut, trading floor at Jefferies & Co. Inc.
Litvak, who's from New York, was sentenced last year to two years in prison after a jury convicted him of securities fraud, defrauding the Troubled Asset Relief Program and making false statements to the federal government. He has not had to serve his sentence pending appeal.
The conviction made Litvak, 40, the first person convicted of a crime related to the program, which used bailout funds in the financial meltdown to boost the economy.
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Texas Adopts Statewide Texting-While-Driving Ban
Effective September 1, 2017, Texas will become the 47th state to pass a statewide ban on texting while driving. Governor Abbott’s signing of House Bill 62 is an effort to unify Texas under a uniform ban and remedy the “patchwork quilt of regulations that dictate driving practices in Texas.”
The bill specifically prohibits drivers from reading, writing, or sending an electronic message on a device unless the vehicle is stopped. That includes texting and emailing. It does not, however, prohibit dialing a number to call someone, talking on the phone using a hands-free device, or using the phone’s GPS system.
Violations would be punishable by a fine ranging from $25 to $99, to be set by each municipality. Although penalties could rise to as much as $200 for repeat offenders.
Studies have found that a driver’s reaction time is half as much when a driver is distracted by sending or reading a text message. According to state officials, in 2015 more than 105,000 traffic accidents in Texas involved distracted driving, leading to at least 476 fatalities.