法布里斯图尔, accused of secretly helping the former billionaire John Paulson's hedge fund, construct a deal worth $ 200 million, it may bet Goldman traders said on Wednesday that his e-mail sent to invest major players are not accurate.
Tours, aged 34, after taking the eighth day of the trial has become the most famous out of the U.S. Securities and Exchange Commission investigation, the position of the 2008 financial crisis, said in a statement.
The trial is an opportunity, the U.S. Securities and Exchange Commission, it can win big in the case of individuals on Wall Street triggered by the financial crisis wrongdoing.
U.S. Securities and Exchange Commission lawyer said, Tours in the infamous called ABACUS 2007-AC1 investment-driven, "Wall Street greed" misleading investors. Tours denies any wrongdoing.
Questioned the focus on early January 2007 月 10 日 (Wednesday), Tours, Tours Send email described as abacus a senior ACA Capital Holdings Inc., the Company's SEC claimed to have been led to believe that hedge fund Paulson & CO INC stake investments.
Abacus e-mail said the most dangerous piece of "pre-commitment" ACA executive testified that she believed that means Paulson will invest in it. Tours, he left Goldman Sachs in 2012, Wednesday acknowledged that it is not a pre-commitment.
SEC lawyers repeatedly asked if the statement is "false", Tours said, "This is not accurate."
"I was not trying to confuse people, it's just not accurate," he said.
2010 lawsuit
Tours of the testimony of three years, the U.S. Securities and Exchange Commission accused him and Goldman Sachs fraud abacus, synthetic collateralized debt obligations.
Under the U.S. Constitution not to testify, the defendant may claim their rights, in order to avoid their own guilt in criminal cases often do. But experts say that in a civil case, as shown in Seoul, the jury can draw an adverse inference, if he asserted rights.
"It's creating presumption what you did wrong," said David Marder, former U.S. Securities and Exchange Commission lawyer Robins, Kaplan, Miller Ciresi's.
Goldman Sachs and Tours do not tell potential investors, Paulson & Co. helped select mortgage-backed securities with the abacus, and then go on gambling.
When Abacus Securities becomes toxic in the U.S. subprime mortgage market downturn among investors lost up to $ 100 million, the U.S. Securities and Exchange Commission said. Paulson, $ 1.5 billion bet on the housing market, while shorting CDO approximately $ 100 million, the U.S. Securities and Exchange Commission said.
Goldman Sachs (Goldman Sachs) in July 2010 agreed to pay $ 550 million to settle the claims without admitting or denying wrongdoing. The agreement was announced before, Tours received an offer of settlement, but refused it, said a person familiar with the matter.
Tours, he cited the U.S. Securities and Exchange Commission in an e-mail called "fabulous Fab," Now is the University of Chicago economics PhD. He will face fines and banned for life from the securities industry, if the jury found that he assumed.
Sometimes, the judge or court reporter to understand some of the words, including the "Bonds" from Tours, France pronunciation difficulties.
"I'm sorry, my French accent, I guess," he said.
"No one has ever corrected me '
January 10, 2007, the mail was sent Tuerlaola Schwartz, former managing director when the ACA, ACA is considered Abacus transaction portfolio selection agent.
Although Tours acknowledged language abacus was "pre-commitment" adventure film is inaccurate, he insisted that he did not intentionally mislead anyone. He also said that Paulson as "sponsorship deal" description does not mean that hedge fund equity investments.
Tours, dressed in a black suit and purple tie, his former boss, Jonathan Egol, he said last week that he was "not accustomed to using the term" means short-term investors Goldman Sachs declined to explain. Tours, said he used the word to also mean a short e-mail and other transactions.
"No one has ever corrected me," he said.
Two days after Goldman Sachs salespersons by the Schwartz email forwarded to Tours, referred to Paulson has an "equality perspective."
Asked by the U.S. Securities and Exchange Commission lawyer Matthew Martens outside this sentence Paulson's equity investment, if there is an explanation, Tours, said he does not have any. He said that he "did not remember" to remind Goldman Sachs salespersons or Schwartz said Paulson's equity investments.
ACA, renamed Manifold Capital in 2008, and ultimately only help set up Abacus as portfolio selection agent, but also bought $ 4.2 billion of securities transactions and agreed to ensure that a $ 909 million film, through its then a subsidiary of ACA Financial Guarantee Corporation
Schwartz's testimony
图尔施瓦茨, the U.S. Securities and Exchange Commission questioned the day after the star witness stand. She testified Tuesday that she said: "Paulson will be equity investors in the transaction.
Tours, Sean Coffey, lawyers Wednesday asked Schwartz if she "just assume that this is an investor."
Coffey asked Schwartz ACA do hedge funds, and asked her if she knew that if they plan to invest in their dealings short of their other mortgage loan transaction. Schwartz said she did not remember or do not know.
Kofi then asked why she did not ask this, if she had to testify, ACA will avoid Paulson, known as short positions to protect the credibility of ACA Schwarz.
"If it's important, do not you ask me?" Coffey said.
The case is SEC v. Tours, U.S. District Court, Southern District of New York, No. 10-03229, No..
 



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