This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-26552995

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Ex-Goldman Sachs trader Fabrice Tourre to pay $825,000 Ex-Goldman Sachs trader Fabrice Tourre fined $650,000
(about 3 hours later)
A judge has told ex-Goldman Sachs trader Fabrice Tourre to pay more than $825,000 after a jury found him liable for defrauding investors. 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.
He has to pay $650,000 (£497,000) in civil fines, and give up an additional $175,463 bonus, plus interest. The civil fines and pay claw-back, plus interest, amount to $825,000.
Last year, jurors concluded the trader, who nicknamed himself "Fabulous Fab", had misled investors in the run up to the global financial crisis in 2008. 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.
The payout falls below the roughly $1.15m that the SEC had sought. 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".
She also blocked Goldman Sachs from paying the Frenchman's fine for him. 'Face of greed'
Mr Tourre was found liable in six of the seven fraud claims brought by the US financial regulator in the summer of 2013. She also blocked Goldman Sachs from paying the 35-year-old Frenchman's fine for him.
He had been accused by the Securities and Exchange Commission (SEC) of misleading investors about investments linked to subprime mortgages that he knew would fail. 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.
At last year's civil court hearing Mr Tourre had been described by the regulator as the "face of Wall Street greed". 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".