Lawyer to jury: Ex-Goldman trader wrongly accused - New York News

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 This material may not be published, broadcast, rewritten or redistributed.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>>

  • 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.
  • Heartbleed: Android devices may be vulnerable

    Heartbleed: Android devices may be vulnerable

    Tuesday, April 15 2014 10:14 PM EDT2014-04-16 02:14:46 GMT
    If you've heard about the Heartbleed bug, maybe you've already changed all your passwords and online security information. But Android users may still be at risk. Lance Ulanoff, senior editor of the online tech site Mashable, explains: "For the most part, Heartbleed has really been about the services that you access, and not local devices so the encryption on the device may have the same vulnerability."
    If you've heard about the Heartbleed bug, maybe you've already changed all your passwords and online security information. But Android users may still be at risk. Lance Ulanoff, senior editor of the online tech site Mashable, explains: "For the most part, Heartbleed has really been about the services that you access, and not local devices so the encryption on the device may have the same vulnerability."
  • Connecticut casinos post March slot revenue drop

    Connecticut casinos post March slot revenue drop

    Tuesday, April 15 2014 9:34 PM EDT2014-04-16 01:34:00 GMT
    Connecticut's Indian-run casinos say slot machine revenue fell sharply in March, with Foxwoods Resort Casino citing an "ultra-competitive" market. Foxwoods reported Tuesday that the share of wagers, known as revenue, was $44.6 million, down 10 percent from March 2013. Total slot machine wagering at the Mashantucket Pequot tribal casino was $566 million, down 5 percent.
    Connecticut's Indian-run casinos say slot machine revenue fell sharply in March, with Foxwoods Resort Casino citing an "ultra-competitive" market. Foxwoods reported Tuesday that the share of wagers, known as revenue, was $44.6 million, down 10 percent from March 2013. Total slot machine wagering at the Mashantucket Pequot tribal casino was $566 million, down 5 percent.
  • Local NewsLocal NewsMore>>

  • Giant whale pulled out of Jersey City harbor

    Giant whale pulled out of Jersey City harbor

    Wednesday, April 16 2014 2:04 PM EDT2014-04-16 18:04:35 GMT
    A whale that was found dead earlier this week in New York harbor has been transported to the Caven Point Marine Terminal in Jersey City.
    A whale that was found dead earlier this week in New York harbor has been transported to the Caven Point Marine Terminal in Jersey City.   The United States Army Corps of Engineers successfully extracted the 60 ton giant from the water around on Wednesday. 
  • Driver-less cars, cameras that see beneath vehicles at NY Auto Show

    Driver-less cars, cameras that see beneath vehicles at NY Auto Show

    Wednesday, April 16 2014 1:23 PM EDT2014-04-16 17:23:39 GMT
    The future is here when it comes to vehicles. The auto industry has packed nearly 1,000 automobiles into the Jacob Javits Center on Manhattan's West Side for the 2014 NY Auto Show.   Among the 'must-sees' is a hydrogen-powered vehicle and a prototype with cameras that allow you to see the ground underneath as you drive over it.
    The future is here when it comes to vehicles. The auto industry has packed nearly 1,000 automobiles into the Jacob Javits Center on Manhattan's West Side for the 2014 NY Auto Show.   Among the 'must-sees' is a hydrogen-powered vehicle and a prototype with cameras that allow you to see the ground underneath as you drive over it.
  • German Shepherd called to jury duty

    German Shepherd called to jury duty

    Wednesday, April 16 2014 12:32 PM EDT2014-04-16 16:32:46 GMT
    At least one prospective juror in New Jersey could take a bite out of crime. Cumberland County has summoned IV Griner to jury duty. The only problem is IV is a 5-year-old German Shepherd.
    At least one prospective juror in New Jersey could take a bite out of crime. Cumberland County has summoned IV Griner to jury duty. The only problem is IV is a 5-year-old German Shepherd.
Powered by WorldNow
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