Originally published on Fri August 9, 2013 10:06 am
Beth Glover was a juror on the trial of former Goldman Sachs trader Fabrice Tourre. When the lawyers were discussing the mortgages tied to the securities at the center of the case, Glover realized that, for all intents and purposes, they were talking about her mortgage.
"When they were looking at the subprime mortgage groupings, I think I would have been in one of those," Glover told me. "I didn't have as great as FICO score at that time."
A federal jury in New York City has found that Fabrice Tourre, the former Goldman Sachs trader who regulators say caused investors to lose $1 billion, is liable in the mortgage securities fraud case filed against him by the Securities and Exchange Commission.
Regulators say Tourre, 34, a native of France who was nicknamed "Fab" in his office, packaged toxic subprime mortgages into a collateralized debt obligation that was sold to investors under the name Abacus in 2007.
Federal officials in New York City have charged SAC Capital Advisors with insider trading, the culmination of a protracted investigation into the hedge fund founded by embattled billionaire Steven Cohen.
SAC is charged with one count of wire fraud and four counts of securities fraud in connection with alleged insider trading by "numerous employees" at "various times between in or about 1999 through at least in or about 2010," according to the indictment.