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Judge orders ex-trader 'Fabulous Fab' to pay $825K

March 12, 2014
Associated Press

NEW YORK (AP) — A former Goldman Sachs trader dubbed "Fabulous Fab" has been ordered to pay about $825,000 in a securities fraud case stemming from the 2007 mortgage crisis that helped push the country into recession.

A Manhattan federal judge issued her ruling Wednesday in the civil case against Fabrice Tourre (fah-BREES' TOOR'). He was found liable after a trial last summer.

His lawyer hasn't immediately returned a call.

The Federal Securities and Exchange Commission said Tourre misled institutional investors about subprime mortgage securities that he knew were fated to fail. SEC lawyers called him a symbol of "Wall Street greed."

His attorneys depicted him as a scapegoat for the financial crisis.

The SEC says the ruling reflects its intent of "pursuing meaningful sanctions" to punish and deter misconduct.

 
 

 

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