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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