And it's a bit of a surprise.
The verdict is a victory for the government in one of the most high-profile trials to come out of the financial crisis of 2007-2008. The Securities and Exchange Commission accused Tourre, 34, of intentionally misleading participants in a 2007 deal known as Abacus about the role played by Paulson & Co., the hedge fund of billionaire John Paulson.
The jury’s finding of wrongdoing may help Goldman Sachs customers in lawsuits against the bank over losses tied to the transaction. Tourre faces unspecified money penalties and a possible ban from the securities industry.
'We are obviously gratified by the jury’s verdict and appreciate their hard work', Matthew Martens, the lead SEC lawyer, said.
The SEC claimed Tourre hid the fact 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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