Fabrice Toure's lawyers engaged in some wishful thinking yesterday.
Lawyers for the Goldman Sachs employee ensnared in the SEC's lawsuit over a CDO deal called "Abacus" filed a motion to have the case dismissed because the SEC failed to allege that the transaction took place in the United States.
But it won't fly. Instead, the court will almost certainly give the SEC time to amend its complaint against Fab Fab so that includes the allegation that the Abacus deal took place in the US.
The SEC is likely to claim that the purchase of the security took place in the US, since that's where Fab Fab was working when he sold the Abacaus CDO to foreign buyers.