(Bloomberg) -- Former Jefferies managing director Jesse Litvak, the only person convicted of fraud related to a $20 billion government bail-out program, may spend almost a decade in prison for lying to his customers about mortgage-backed securities.

Litvak was found guilty by a jury in March of securities fraud and making false statements, as well as fraud connected to the U.S. Treasury Department’s Troubled Asset Relief Program. His conviction is the first in connection with the Public- Private Investment Program, an initiative that used TARP funds to spur investments in mortgage-backed securities after the 2008 financial crisis.

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