Former Jefferies & Co. managing director Jesse Litvak was convicted in the only criminal case against an individual in connection with a U.S. program that used bailout funds to spur investment in mortgage-backed securities.

Litvak, 39, of New York, was found guilty by a federal jury Friday of all counts including securities fraud and making false statements as well as fraud connected to the government's Troubled Asset Relief Program following a trial before U.S. District Judge Janet C. Hall in New Haven, Conn. He is scheduled to be sentenced May 30.

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