Former Jefferies LLC managing director Jesse Litvak "lied to his customers" about the prices of mortgage-backed securities, a prosecutor told jurors as the U.S tries for a second time to win a conviction that sticks.

Moments later at the start of the trial in New Haven, Conn., a defense lawyer said Litvak traded with the "most sophisticated decision makers in the world" and didn't deceive them. Chatroom conversation that jurors will see is akin to that "heard at a local used car dealer," defense lawyer Dane Butswinkas said.

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