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According to the Collins English Dictionary 10th Edition fraud can be defined as: "deceit, trickery, sharp practice, or breach of confidence, perpetrated for profit or to gain some unfair or dishonest advantage".[1] In the broadest sense, a fraud is an intentional deception made for personal gain or to damage another individual; the related adjective is fraudulent. The specific legal definition varies by legal jurisdiction. Fraud is a crime, and also a civil law violation. Defrauding people or entities of money or valuables is a common purpose of fraud, but there have also been fraudulent "discoveries", e.g. in science, to gain prestige rather than immediate monetary gain
*As defined in Wikipedia

Saturday, April 27, 2013

Goldman Sachs's Guy, Fabrice Tourre

Goldman Sachs has long ago settled with the regulators regarding its fraudulent use of CDOs by paying a small fine without having to admit any wrongdoing.  Fabrice Tourre was also named with Goldman in the SEC suit but has yet to answer for the charges based on his role in the Abacus deal.

Judge won't block SEC use of recording against Goldman's Tourre
By Nate Raymone - Euronews (Reuters)

NEW YORK (Reuters) – Three years after Fabrice Tourre became the face of a major U.S. regulatory action against Goldman Sachs Group Inc <GS.N>, a newly uncovered phone recording is giving the Securities and Exchange Commission ammunition in its fraud case against the former bond trader.

The January 2007 call was between a Goldman saleswoman and an executive at ACA Financial Guaranty Corp, which helped pick securities backing the collateralized debt obligation about which Goldman and Tourre allegedly misled investors.

As Tourre looked on, U.S. District Judge Katherine Forrest at a Friday hearing in Manhattan federal court denied his bid to keep the recording from being admitted at his upcoming trial, scheduled for July 15.

Read the whole article here


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