Goldman's 'Fabulous Fab' penalties 'unwarranted and unjust'

Justice Scales

Fabrice Tourre’s Wall Street career is over.

The New York Times reports that but now that he faces an unusually stiff financial penalty for his role in creating a soured mortgage deal at Goldman Sachs, Tourre is fighting back.

In a court filing on Tuesday, Tourre’s lawyers attacked the Securities and Exchange Commission’s pursuit of more than $1m in penalties, calling it 'unwarranted and unjust' and 'unreasonably severe'. The lawyers are proposing a smaller sum: $65,000 or less.

Tourre’s bid for leniency comes nearly six months after a federal jury found him liable for defrauding investors in the mortgage deal, a verdict that handed the S.E.C. its first major legal victory in a case arising from the financial crisis. Until the case made Tourre a symbol of the crisis, such courtroom triumphs remained elusive.

The legal filing on Tuesday opened a window into Tourre’s life since the trial, saying he had resumed his routine as an economics doctoral student and teaching assistant at the University of Chicago. 

To access the complete New York Times article hit the link below:

Tourre Seeks Leniency in S.E.C. Case 

Wells Fargo Sells Servicing Rights on $39 Billion in Mortgages

image: © mikecogh

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