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SEC wins reprieve in case vs Goldman’s Tourre, despite Morrison

NEW YORK (Reuters) – A decision this week in a civil fraud case against former Goldman Sachs Group Inc vice president Fabrice Tourre has given the U.S. Securities and Exchange Commission new ammunition to challenge foreign securities activity.

U.S. District Judge Katherine Forrest on Tuesday said the SEC may sue Tourre for making an alleged illegal “offer” of securities in the United States under a law banning fraud “in the offer or sale of any securities.”

She rejected Tourre’s argument that if an offer led to a sale then only the sale could be the subject of a fraud claim, and that if a sale were foreign then neither the sale nor the offer could be actionable…read full article

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