In closing arguments today, the lawyer for Deutsche Bank bond salesman Jon-Paul Rorech said his client never improperly tipped a client about the restructuring of a high-yield bond offering by Dutch company VNU N.V.
The WSJ reports that Rorech’s attorney, Richard Strassberg, said that contrary to the SEC’s charges, Rorech wasn’t in possession of confidential information when he spoke with the client:
As a salesman responsible for marketing the VNU bonds, he was never in possession of confidential information. He did not have it. Much less, he did not misappropriate it from anyone. Anything he knew he was allowed to share with customers.
The SEC is expected to make its closing arguments later today.