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August 6, 2013

SEC wins as ex-Goldman executive Tourre found liable for fraud

A jury found former Goldman Sachs Group Inc vice president Fabrice Tourre liable for fraud for his role in a failed mortgage deal that cost investors $1 billion, in a big victory for the U.S. Securities and Exchange Commission.

Tourre was found liable on six of seven counts by a Manhattan federal jury in the SEC’s highest-profile trial to spill out of its investigations into causes of the 2008 financial crisis.

“‘We are gratified by the jury’s verdict,’ said Andrew Ceresney, co-director of the regulator’s enforcement division. ‘We will continue to vigorously seek to hold accountable, and bring to trial when necessary, those who commit fraud on Wall Street.’

“After the jury was dismissed, Tourre raised his eyebrows to one of his lawyers. He and his lawyers left court without commenting on whether he plans to appeal, walking through drizzling rain followed by reporters and camera crews.”

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Read full Reuters article here

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