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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Case Information

Case Title

U.S. Securities and Exchange Commission v. Stoker


Case Number

1:11-cv-07388

Court

New York Southern

Nature of Suit

Securities/Commodities

Judge

Jed S. Rakoff

Date Filed

October 18, 2011

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