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Ex-Goldman Sachs Trader Fabrice Tourre Liable In Fraud Case

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http://www.bbc.co.uk/news/business-23543441

Former Goldman Sachs trader Fabrice Tourre has been found liable in a civil fraud case by a New York jury.

Jurors found that the trader, who nicknamed himself "Fabulous Fab", had defrauded investors in the run up to the global financial crisis in 2008.

A complex mortgage deal he was involved in cost investors $1bn (£661m) when it failed.

Tourre was found liable in six of the seven fraud claims brought by US financial regulators.

He was accused by the Securities and Exchange Commission (SEC) of misleading investors about investments linked to subprime mortgages that he knew would fail.

Because the case is civil rather than criminal, he faces possible fines and a ban from the financial services industry.

And they still escape jail. The fines to be a token gesture?

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