Lawyer to jury: Ex-Goldman trader wrongly accused - Los Angeles News | FOX 11 LA KTTV

Lawyer to jury: Ex-Goldman trader wrongly accused

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 This material may not be published, broadcast, rewritten or redistributed.

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