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Ex-Goldman Sachs trader Fabrice Tourre fined $650,000 | |
(about 3 hours later) | |
Ex-Goldman Sachs trader Fabrice Tourre has been fined $650,000 (£391,000) and told to hand back a $175,000 bonus for defrauding investors. | |
The civil fines and pay claw-back, plus interest, amount to $825,000. | |
Last year, jurors concluded that the trader, who nicknamed himself 'Fabulous Fab', had misled investors in the run up to the global financial crisis in 2008. | |
But the payout falls below the $1.15m penalty regulators had been seeking. | |
US District Judge Katherine Forrest in Manhattan, New York, said Mr Tourre had "shown no remorse or contrition". | US District Judge Katherine Forrest in Manhattan, New York, said Mr Tourre had "shown no remorse or contrition". |
'Face of greed' | |
She also blocked Goldman Sachs from paying the 35-year-old Frenchman's fine for him. | |
Mr Tourre was found liable in six of the seven fraud claims brought by the US financial regulator, the Securities and Exchange Commission (SEC), in the summer of 2013. | |
The SEC had accused him of misleading investors about products linked to subprime mortgages that he knew would fail. | |
At last year's civil court hearing Mr Tourre, who resigned from Goldman Sachs in 2012, was described by the regulator as the "face of Wall Street greed". | |
In a statement, the Frenchman said he was considering "potential next steps in the legal process". |
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