Michael A. Gramins

U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 26246 / February 13, 2025

Securities and Exchange Commission v. Michael A. Gramins, Civil Action No. 1:15-cv-07045 (S.D.N.Y filed Sept. 08, 2015)

Court Enters Final Judgment Against Former Nomura Rmbs Trader Michael A. Gramins

On January 28, 2025, the United States District Court for the Southern District of New York entered final judgment in a previously filed civil lawsuit that included allegations of fraud against defendant Michael A. Gramins, a former trader on the residential mortgage-backed securities (“RMBS”) trading desk at broker-dealer Nomura Securities International (“Nomura”) in New York. This settlement fully resolves the Commission’s case against Gramins. 

The SEC complaint alleged that Gramins made misrepresentations and omitted material information to investors in order to generate additional revenue for Nomura’s RMBS desk. Among other things, Gramins allegedly misrepresented the bids and offers being provided to Nomura for RMBS, as well as the prices at which Nomura bought and sold RMBS, and the spreads the firm earned for intermediating trades. 

The SEC’s complaint charged Gramins with violations of Section 10(b) of the Securities and Exchange Act of 1934 and Rule 10b-5 as well as Section 17(a) of the Securities Act of 1933. The final judgment permanently enjoins Gramins from violating these antifraud provisions of the federal securities laws. 

The case is being handled by Rua Kelly, Al Day, and Celia Moore of the Boston Regional Office.

For further information see Litigation Release No. 23336 (Sept. 8, 2015).