Primary tabs

Ex-Nomura trader says he was trained to lie to customers

Bloomberg Published on Tue, May 09, 2017 / 7:56 AM GMT+8

A-

A+

MANHATTAN (May 9): A former Nomura Holdings Inc. bond trader said he was trained to lie to customers shortly after coming to the company in order to boost the firm’s commissions.

Frank DiNucci Jr. said the tactics he learned included lying about where Nomura had bought or sold bonds and misrepresenting the price it had paid.

DiNucci was the first witness Monday at the trial of three former Nomura colleagues, Ross Shapiro, Michael Gramins and Tyler Peters, who are accused of lying to customers about the prices of mortgage-backed securities. DiNucci told jurors in a federal courtroom in Connecticut that he learned most of the deceptive practices from Shapiro and Gramins.