NEW YORK, April 5 — Wing Chau, an investment adviser made infamous in the “The Big Short,” a best selling book about the financial crisis, wept on the witness stand during his trial on today before yelling “Shame on you!” at a lawyer for the US government.
Chau’s outburst came as he was defending himself against allegations by the US Securities and Exchange Commission that he misled investors in a complex financial vehicle linked to subprime mortgages.
The trial in New York is one of the highest-profile cases in which the government has sought to hold an individual responsible for events leading up to the 2008 financial meltdown. Chau is facing administrative charges brought by the regulator and has not been criminally charged.
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