Skip to main content


March 12, 2014

Big fine imposed on ex-Goldman trader Tourre in SEC case

A U.S. judge on Wednesday ordered former Goldman Sachs Group Inc trader Fabrice Tourre to pay more than $825,000 after a jury found him liable for defrauding investors in a subprime mortgage product that failed during the financial crisis.

The decision by U.S. District Judge Katherine Forrest in Manhattan came in one of the prominent Wall Street cases linked to the crisis, and one of the few in which an individual was held personally responsible for wrongdoing.

Tourre was ordered to pay $650,000 in civil fines, and give up an additional $175,463 bonus plus interest linked to the transaction at the heart of the U.S. Securities and Exchange Commission case.


“The judge’s decision drew mixed reactions.

“‘This really sends a loud and clear message that this court is not going to tolerate this conduct,” said David Marder, a partner at Robins, Kaplan, Miller & Ciresi and a former SEC lawyer.

“But Dennis Kelleher, chief executive of the non-profit organization Better Markets, said a big fine cannot hide the government’s “indefensible” failure to have brought criminal charges against senior Wall Street executives over the financial crisis.”


Read full Reuters article here

In the News


For media inquiries, please contact us at or 202-618-6433.

Contact Us

For media inquiries, please contact or 202-618-6433.

To sign up for our email newsletter, please visit this page.

This field is for validation purposes and should be left unchanged.

Sign Up — Stay Informed With Our Monthly Newsletter

"* (Required)" indicates required fields

This field is for validation purposes and should be left unchanged.

For media inquiries,

please contact or 202-618-6433.


Help us fight for the public interest in our financial markets, protecting Main Street from Wall Street and avoiding another costly financial collapse and economic crisis, by making a donation today.

Donate Today