SEC holds Fabrice Tourre accountable but it's track record is 'pathetic'

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The Securities and Exchange Commission's track record in prosecuting financial crisis crimes leaves something to be desired.

Fortune reports that on Thursday, nearly five years after the financial crisis, the Securities and Exchange Commission proved that it was able to hold one mid-level, thirtysomething former trader-turned grad student accountable for crimes of the financial crisis.

Justice served!

But the fact that a jury former Goldman Sachs trader Fabrice Tourre liable isn't enough to change this: The SEC's track record on prosecuting financial crisis crimes is pathetic.

In nearly five years, the Wall Street regulator has brought just four court cases related to the financial crisis against a total of six individuals, all of whom were relative bit players. Of those, Tourre is the only one to be found liable.

'Their track (record) of the cases that have gone to trial has not be very good,' says Thomas Gorman, a partner at law firm Dorsey and Whitney and a former SEC enforcement official.

And the SEC's actual record is more like 1-in-7.

To access the full Fortune article hit the link below.

Not so fabulous: SEC now 1-for-4 in financial crisis court cases

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