A former Goldman Sachs trader has begun testifying before a New York jury hearing a civil case focusing on the mortgage market meltdown that began in 2007. Fabrice Tourre (FAB'-rees TOOR) took the witness stand today.
The Securities and Exchange Commission accused Tourre in a 2010 lawsuit of selling subprime mortgage securities that he knew were doomed to fail.
His lawyer told jurors in opening statements that Tourre never misled investors.
Goldman Sachs made millions of dollars in fees in the transactions.
Tourre was born in France and moved to the United States in 2000 to study. He then went to work for Goldman Sachs.
In July 2010, Goldman Sachs settled in the same SEC lawsuit and agreed to pay USD 550 million. It still faces private litigation.
