Ex-Goldman Sachs trader Fabrice Tourre fined $650,000
- 12 March 2014
- From the section Business
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".
'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".