Fabulous Fab just wants the jury to give him his life back

Gavel

Fabrice Tourre, accused of fraud for his role at Goldman Sachs in the housing market collapse, said he’d done a good job at work and asked a jury to restore his reputation and let him get on with his life.

Bloomberg News reports that in closing remarks Tuesday in a trial over a deal linked to one of the causes of the worst economic slump since the 1930s, Tourre’s lawyer said a portfolio of subprime mortgage-backed securities, on which Goldman client Paulson & Co. made $1bn in a bet it would fail, was a good investment.

The 34-year-old Frenchman is 'a remarkable young man' who is entrusting his case to a U.S. jury, John 'Sean' Coffey said in Manhattan federal court. The two-week-old trial is scheduled to go to the jury Wednesday, to decide whether he’ll be freed, or face fines and a possible lifetime ban from the securities industry.

The Securities and Exchange Commission alleged Tourre, a former vice president at Goldman Sachs, intentionally misled participants in a 2007 deal known as Abacus about the role played by John Paulson’s hedge fund. The SEC claims Tourre hid that Paulson helped choose the portfolio of subprime mortgage-backed securities underlying Abacus, then made a billion-dollar bet it would fail.

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