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May 29, 2014

Ex-Goldman trader Tourre won’t appeal SEC fraud case verdict

“Former Goldman Sachs Group Inc trader Fabrice Tourre said Tuesday he would not appeal an order requiring he pay more than $825,000 after a jury found him liable for defrauding investors in a failed mortgage deal.

“Tourre’s announcement came on the deadline to lodge an appeal in the case, ensuring the U.S. Securities and Exchange Commission’s August 2013 trial victory remains undisturbed.

“‘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.

“He said he looked forward to finishing his studies for a doctorate in economics, which he has been pursuing at the University of Chicago.

“The SEC and Goldman Sachs declined comment.

“Tourre, 35, became a symbol of the 2008 financial crisis after the SEC sued him and Goldman in 2010 for misleading investors in a synthetic collateralized debt obligation, or CDO, linked to mortgages called Abacus 2007-AC1.”

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Read full Reuters article here

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