Goldman 'Fabulous Fab' denied fresh trial

Gavel

Fabrice Tourre, the former Goldman Sachs VP who was found liable for defrauding investors over a failed mortgage transaction, has failed to persuade a federal judge to dismiss the case or give him a new trial.

Reuters reports that U.S. District Judge Katherine Forrest in Manhattan said on Tuesday that jurors did not make a mistake on August 1st in finding Tourre liable on six of the seven civil charges brought by the U.S. Securities and Exchange Commission.

Tourre was accused of engineering a 2007 transaction that enabled a hedge fund run by billionaire John Paulson to reap a big profit while costing investors $1bn in losses.

He argued that his conduct did not amount to fraud, that there was a lack of evidence to support such a finding, and that Forrest had instructed jurors incorrectly on the law.

'None of these arguments has merit,' the judge concluded.

Forrest is still reviewing an SEC request that Tourre pay $1.15m, including a $910,000 fine, as punishment.

To access the complete Reuters article hit the link below:

Ex-Goldman VP Tourre denied a new trial in SEC case

Banks face new probe over mortgage bond trades post 2008 - WSJ

image: © bloomsberries

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts