Lawyer to jury: Ex-Goldman trader wrongly accused - FOX 29 News Philadelphia | WTXF-TV

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 This material may not be published, broadcast, rewritten or redistributed.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

  • Beach fashion

    Long-sleeved swimsuit is latest beach and pool fashion trend

    Long-sleeved swimsuit is latest beach and pool fashion trend

    Monday, July 21 2014 6:13 PM EDT2014-07-21 22:13:49 GMT
    You have lots of ways to look stylish on the beach, from a bikini to a tankini to a one piece. But the newest trend is long-sleeved swimsuits -- modesty takes precedence over a golden glow. The new beachwear is turning up on sites like ASOS and on luxury sites like Neiman Marcus. There are one piece versions and crop top versions.One of the pioneers of the trend is Dallas-based clothing company Cover.
    You have lots of ways to look stylish on the beach, from a bikini to a tankini to a one piece. But the newest trend is long-sleeved swimsuits -- modesty takes precedence over a golden glow. The new beachwear is turning up on sites like ASOS and on luxury sites like Neiman Marcus. There are one piece versions and crop top versions.One of the pioneers of the trend is Dallas-based clothing company Cover.
  • Wawa to close first store opened 50 years ago

    Wawa to close first store opened 50 years ago

    Monday, July 21 2014 3:01 PM EDT2014-07-21 19:01:43 GMT
    Wawa plans to close the first convenience store opened by the chain in the Philadelphia suburbs a half-century ago.  Susan Bratton, Wawa's regional real estate manager, says the old store is just too small.
    Wawa plans to close the first convenience store opened by the chain in the Philadelphia suburbs a half-century ago.  Susan Bratton, Wawa's regional real estate manager, says the old store is just too small.
  • Cable company customer service rage

    Cable company customer service rage

    Wednesday, July 16 2014 10:58 PM EDT2014-07-17 02:58:18 GMT
    Find someone, anyone, with cable TV who hasn't had at least one miserable experience dealing with that company's customer service people and you've accomplished something we couldn't. But in fairness to the cable companies, whose business model at this point resembles that of a cartel, as customers we don't always handle system outages or the explanations for them in the most mature fashion.
    Find someone, anyone, with cable TV who hasn't had at least one miserable experience dealing with that company's customer service people and you've accomplished something we couldn't. But in fairness to the cable companies, whose business model at this point resembles that of a cartel, as customers we don't always handle system outages or the explanations for them in the most mature fashion.
Powered by WorldNow

WTXF-TV
330 Market Street
Philadelphia, PA 19106-2796

Phone: (215) 925-2929
Fax: (215) 982-5494

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