Fabrice Tourre made one final attempt to convince jurors in Manhattan that he didn’t defraud investors in a 2007 mortgage bond-backed investment that lost them $1bn when the U.S. housing market crashed.
'I haven’t done anything wrong, as I’m here literally to tell the truth and to clear my name', Tourre, 34, said Friday as he wrapped up his testimony in the trial of the U.S. Securities and Exchange Commission’s civil fraud case against him.
Bloomberg News reports that the SEC claims Tourre, a former vice president at Goldman Sachs, hid the involvement of the hedge fund Paulson & Co. in selecting the mortgage bonds underlying the investment, known as Abacus 2007-AC1, and then made a $1bin bet it would fail.
The agency plans to rest its case against Tourre when the trial reconvenes Monday.
Tourre testified he made $1.7m in salary and bonus in 2007. If found liable for fraud, he faces money penalties and a possible ban from the securities industry.
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