Fabulous Fab ordered to pay $650,000

Pile Of Coins

Fabrice Tourre, the former Goldman Sachs trader who reaped millions of dollars on Wall Street before a federal investigation derailed his career and redefined him as both a symbol and a scapegoat of the financial crisis, is now losing a piece of that small fortune to the government.

The New York Times reports that seven months after a jury found Tourre liable for defrauding investors in a mortgage deal that imploded during the crisis, the federal judge overseeing the case ordered Mr. Tourre on Wednesday to pay $650,000 in penalties. The judge, Katherine B. Forrest of Federal District Court in Manhattan, prohibited Goldman from paying the fine.

In another victory for the Securities and Exchange Commission, the government agency that led the civil case, Judge Forrest ruled that Tourre had to forfeit a roughly $175,000 bonus arguably tied to his work on the mortgage deal. Collectively, the $825,000 sanction fell just short of the roughly $1m that the S.E.C. requested.

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

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