Ex-Citi Exec Says Lack Of Payday Kills SEC’s CDO Case

Law360, New York (January 25, 2012, 8:10 PM EST) -- An ex-Citigroup Inc. executive on Wednesday asked a New York federal judge to toss a U.S. Securities and Exchange Commission suit that claims he marketed a collateralized debt obligation the bank had shorted, arguing he made no money from the alleged wrongdoing.

The commission claims that while Brian Stoker was director of the CDO structuring desk at Citigroup's Global Markets unit he created a largely synthetic CDO but hid from investors that the bank had bet against it.

The CDO, a $1 billion product known as...
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