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Fabrice Tourre Fined $825,000

Posted date:  March 14, 2014  |  No comment

Fabrice Tourre, a former Goldman Sachs Group Inc. trader, has been ordered to pay $825,000 after he was found guilty last year by a Federal Court. The Court made him liable for violating Federal Security laws and defrauding thousands of investors. Judge Katherine Forrest ordered Fabrice to pay a penalty of $850,000 for defrauding investors. The overall penalty seems to be less than

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the $910,000 requested by the Securities and Exchange Commission in December. SEC sued Fabrice Tourre and Goldman Sachs Group for securities fraud caused in 2010. This action by the SEC stunned the industry and SEC had a bitter spat with Goldman Sachs authorities, thereby, cutting short a promising career of Tourre.

Goldman Sachs feared public backlash for the activities involving them and decided to pay hundred of millions of dollars as fines without really rejected the allegations made or accepting responsibility for the fraud. Mr. Tourre remarked on Wednesday, Mar 12, 2014, that he was grateful for the support shown by his friends and family members and would be taking a call on the next round of action. He also revealed that he is pursuing a Doctoral degree in Macroeconomics and would be concentrating on that front in the immediate future.

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