Ex-Nomura trader tells jury how bosses taught him to lie to clients

New York

WHEN Caleb Chao started working on Nomura Holdings Inc's mortgage-bond desk after graduating from college, he got an education very different from the one offered at Cornell University.

Testifying at the trial of three former Nomura traders, Mr Chao said on Monday he was soon taught how to mislead customers about prices and other details in order to get larger commissions.

"The purpose was to sort of make a client feel like we were working for them, but in reality we were making more money," Mr Chao told jurors in federal court in Hartford, Connecticut. "I just gradua…