Goldman 'Fabulous Fab' won't appeal in mortgage securities case

Shiny Brain ArtM Sxc Hu

Fabrice Tourre, the former Goldman Sachs vice president found liable for his part in selling a pre-crisis mortgage security that lost value, said he won’t file an appeal in the civil case.

'While my lawyers have advised me there are strong grounds to appeal, I prefer to move forward with my education and close this difficult chapter of my life', Tourre said in a statement Tuesday. 'I look forward to finishing my Ph.D. in economics and to making meaningful contributions to my field'.

Bloomberg News reports that Tourre, 35, was found liable August 1 after a jury trial at which the U.S. Securities and Exchange Commission claimed he intentionally misled investors in a subprime-mortgage vehicle called Abacus 2007-AC1. In March, he was ordered to pay more than $825,000 in penalties.

The lawsuit was one of the government’s most prominent efforts to fix responsibility for the housing market crash, which helped precipitate the worst economic downturn since the 1930s. 

To access the complete Bloomberg article hit the link below:

Ex-Goldman Sachs Trader Tourre Says He Won't Appeal 

Carney Says Capitalism Must Reassess Bankers' 'Sense of Self'

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News