Tuesday, September 23, 2014   

Ex-Goldman Sachs fraud convict Tourre denied new US trial
(01-08 09:27)

A US judge rejected a request by ex-Goldman Sachs trader Fabrice Tourre for a new trial after concluding his argument was without merit.
“Granting a new trial is extraordinary relief which is properly granted only when circumstances are exceptional,'' US District Judge Katherine Forrest wrote in deciding against Tourre's argument.
A New York jury in August found the French national liable on six of seven counts of fraud for misleading investors over the risk of the mortgage-linked securities Goldman sold to them in 2007. The securities cratered after the housing bust, leaving the investors with large losses.
In October, Tourre's attorneys asked Forrest to allow a new trial because the evidence at trial did not support the jury's verdict.
But Forrest rejected all of Tourre's arguments for a new trial. The jury could “reasonably infer'' based on evidence presented at trial that Tourre's communications with a key investor in the transaction “was a necessary part of making the fraudulent scheme a success.''
The Securities and Exchange Commission in December asked Forrest to approve more than US$1.1 million in penalties and disgorgement of ill-gotten gains against Tourre. Forrest has yet to rule on penalties.
Legal analysts have said the Tourre's effort to win a new trial was a necessary step in appealing the decision to a US appeals court.—AFP
   
Other Business breaking news:
Hong Kong inflation marginally eases in August (09-22 19:21)
Amazon hit by fresh strikes in Germany (09-22 18:44)
Nissan to make luxury cars in new China joint venture (09-22 17:40)
Slowing profits for China's state firms (09-22 16:17)
Hang Seng finishes lower (09-22 16:14)
Bosch in 3-bn-euro buyout of Siemens in home appliance joint venture (09-22 16:09)
OSI laying off hundreds from troubled China food plant (09-22 16:07)
Nikkei ends lower (09-22 15:21)
European stocks markets drop at open (09-22 15:20)
Microsoft delays launch of Xbox in China (09-22 14:39)

More breaking news >>

© 2014 The Standard, The Standard Newspapers Publishing Ltd.
Contact Us | About Us | Newsfeeds | Subscriptions | Print Ad. | Online Ad. | Street Pts

 


Home | Top News | Local | Business | China | ViewPoint | CityTalk | World | Sports | People | Central Station | Spree | Features

The Standard

Trademark and Copyright Notice: Copyright 2014, The Standard Newspaper Publishing Ltd., and its related entities. All rights reserved.  Use in whole or part of this site's content is prohibited.   Use of this Web site assumes acceptance of the
Terms of Use, Privacy Policy Statement and Copyright Policy.  Please also read our Ethics Statement.