Judge orders ex-trader 'Fabulous Fab' to pay $825K

Judge orders ex-Goldman trader dubbed 'Fabulous Fab' to pay $825K in mortgage securities case

Judge orders ex-trader 'Fabulous Fab' to pay $825K

NEW YORK (AP) -- A former Goldman Sachs trader dubbed "Fabulous Fab" has been ordered to pay about $825,000 in a securities fraud case stemming from the 2007 mortgage crisis that helped push the country into recession.

A federal judge in Manhattan issued the ruling Wednesday in the civil case against Fabrice Tourre. He was found liable after a trial last summer.

His lawyer didn't immediately return a call seeking comment.

The Federal Securities and Exchange Commission said Tourre misled institutional investors about subprime mortgage securities that he knew were destined to fail. SEC lawyers called him a symbol of "Wall Street greed."

His attorneys depicted him as a scapegoat for the financial crisis.

The SEC says the ruling reflects its intent of "pursuing meaningful sanctions" to punish and deter misconduct.

Updated : 2021-03-09 04:07 GMT+08:00