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January 23, 2014

Ex-Goldman Trader Tourre Fights S.E.C. Penalties in Fraud Case

Fabrice Tourre’s Wall Street career is over.

But now that he faces an unusually stiff financial penalty for his role in creating a soured mortgage deal at Goldman Sachs, Mr. Tourre is fighting back.

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

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