Lawyer to jury: Ex-Goldman trader wrongly accused - FOX 35 News Orlando

Lawyer to jury: Ex-Goldman trader wrongly accused

Posted: Updated:

NEW YORK (AP) - A lawyer for a former Goldman Sachs vice president has told a New York jury that the government has wrongfully accused his client of violating securities laws.

Attorney John Coffey said during closing arguments Tuesday that the Securities and Exchange Commission failed to meet its burden at the civil trial.

SEC lawyer Matthew Martens argued earlier that Fabrice Tourre relied on "lies and trickery and deceit" to dupe investors about a package of securities based on subprime mortgages.

The SEC says Tourre knew the securities were doomed to fail. But Coffey says all similarly packaged securities failed with the housing market after 2007.

Tourre testified he didn't intend to mislead anyone.

Goldman Sachs settled its end of the case, agreeing to pay $550 million.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Your MoneyMore>>

  • Future of money

    Future of money

    Thursday, April 17 2014 1:27 PM EDT2014-04-17 17:27:18 GMT
    These days, when you check out of a grocery store, your toughest choice might be cash or credit.  But in a few years, there may be no need to carry dollar bills, credit cards, or stacks of cash.  It might sound like the stuff of science fiction but futurist and social scientist Heather Schlegel says it's not.
    These days, when you check out of a grocery store, your toughest choice might be cash or credit.  But in a few years, there may be no need to carry dollar bills, credit cards, or stacks of cash.  It might sound like the stuff of science fiction but futurist and social scientist Heather Schlegel says it's not.
  • IRS considers taxing work freebies like food

    IRS considers taxing work freebies like food

    Wednesday, April 16 2014 9:11 PM EDT2014-04-17 01:11:44 GMT
    In competitive job markets like Silicon Valley, companies are doing everything they can to entice the best and brightest -- offering freebies that have become the stuff of legend.Employee perks like free food at lavish cafeterias, laundry and even yoga are not unheard of.  But the taxman could soon crack down.  The IRS reportedly is looking at these perks and seeing if these companies need to start paying up for the free stuff they offer employees.
    In competitive job markets like Silicon Valley, companies are doing everything they can to entice the best and brightest -- offering freebies that have become the stuff of legend.Employee perks like free food at lavish cafeterias, laundry and even yoga are not unheard of.  But the taxman could soon crack down.  The IRS reportedly is looking at these perks and seeing if these companies need to start paying up for the free stuff they offer employees.
  • Social streaming video from your iPhone with YEVVO

    Social streaming video from your iPhone with YEVVO

    Wednesday, April 16 2014 8:46 AM EDT2014-04-16 12:46:01 GMT
    We met YEVVO's 26-year-old co-founder and CEO, Ben Rubin, on a rainy day in Madison Square Park. Among the four of us (Ben, me, my photographer, and the representative from Ben's PR firm), we had four smartphones and the free app Rubin created."What if you were going live during this interview and then somebody [online] started asking questions and then [that somebody] actually helped to create the content?" Rubin asked.
    We met YEVVO's 26-year-old co-founder and CEO, Ben Rubin, on a rainy day in Madison Square Park. Among the four of us (Ben, me, my photographer, and the representative from Ben's PR firm), we had four smartphones and the free app Rubin created."What if you were going live during this interview and then somebody [online] started asking questions and then [that somebody] actually helped to create the content?" Rubin asked.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices