The New York civil jury upheld six of the seven charges brought against the trader. The prosecution was seen as a test of the SEC's ability to explain a complicated case to a jury. Speaking after the jury decision was announced, Andrew Ceresney, co-director of the enforcement division of the SEC, said: 'We proved that Mr Tourre ... put together a complicated financial product that was secretly designed to maximise the likelihood that it would fail, and marketed and sold it to investors without appropriate disclosure.'
Misleading investors
Mr Tourre was charged by the SEC in 2010 of misleading investors by not disclosing compromising information he had about the composition of a $1 billion mortgage deal. Although he no longer works for Goldman Sachs, the bank is thought to have been paying his legal expenses.
Email your news and story ideas to: [email protected]
