Tuesday, August 6, 2013

Goldman Sachs Trader Conviction: Hold the Cheers

Stephen Lendman
Activist Post

On August 1, Goldman's Farbice ("Fabulous Fab") Tourre was convicted on six of seven counts.

They involve "making materially misleading statements and omissions in connection with a synthetic collateralized debt obligation (CDO) GS&Co structured and marketed to investors."

They're about being "directly or indirectly engaged in transactions, acts, practices, and a course of business that violated Section 17(a) of the Securities Act of 1933, 15 USC 77q(a) ("the Securities Act") and Exchange Act Rule 10b-5, 17 CFT 240.10b-5."

"The Commission (sought) injunctive relief, disgorgement of profits, prejudgment interest, civil penalties, and other appropriate and necessary equitable relief from both defendants."

The verdict came down as follows: