SEC Brands Tourre A Liar And Fraud In Closing

Law360, New York (July 30, 2013, 6:35 PM EDT) -- A U.S. Securities and Exchange Commission lawyer urged jurors Tuesday to find former Goldman Sachs Group Inc. trader Fabrice Tourre liable for fraud, saying in closing arguments that he withheld information from investors then lied on the stand.

SEC lawyer Matthew Martens told the nine-member jury that Tourre deserved to be held accountable for his role in crafting Goldman’s Abacus 2007-AC1, a 2007 collateralized debt obligation made up of bundled residential mortgage-backed securities.

The commission claims Tourre, the so-called “deal captain” on the transaction, failed to...
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