Trial of ex-Goldman Sachs trader opens in New York
by Tom Hays, Associated Press
July 15, 2013 03:25 PM | 502 views | 0 0 comments | 7 7 recommendations | email to a friend | print
Former Goldman Sachs Group Inc. executive Fabrice Tourre enters Manhattan federal court on the first day of his trial, Monday, July 15, 2013, in New York. Tourre is accused of misleading investors about the true prospects of their bet on a package of mortgage-based securities. (AP Photo/Louis Lanzano)
Former Goldman Sachs Group Inc. executive Fabrice Tourre enters Manhattan federal court on the first day of his trial, Monday, July 15, 2013, in New York. Tourre is accused of misleading investors about the true prospects of their bet on a package of mortgage-based securities. (AP Photo/Louis Lanzano)
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NEW YORK (AP) — An attorney for a former Goldman Sachs trader accused in a massive mortgage securities fraud has told a New York City jury that he never misled anyone.

The lawyer, Pamela Chepiga (cheh-PEHG'-uh), made the remarks Monday in opening statements at the civil trial of Fabrice Tourre (fah-BREES' toor).

Securities and Exchange Commission lawyer Matthew Martins said the defendant deceived investors about toxic securities in a classic case of "Wall Street greed."

The SEC says Tourre failed to divulge that a billionaire-led company helped pick assets that would decide the value of the investment. At the same time, the company was betting against them.

Goldman Sachs settled charges brought against it, paying $550 million.

Tourre grew up in France and moved to the U.S. in 2000 to study at Stanford University in California.



Copyright 2013 The Associated Press.

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