Ex-Goldman Trader Fabrice Tourre Fined $850,000
NEW YORK – A federal judge has ordered Fabrice Tourre, the former Goldman Sachs Group Inc. trader, to pay more than $850,000 for his role in securities fraud. The order Wednesday, by Judge Katherine Forrest, combined $650,000 in civil penalties and $175,463, the amount of his bonus that the Securities and Exchange Commission said was related to the controversial Abacus product, plus interest. Tourre received a bonus of $1.58 million for 2007, when the Abacus transaction was negotiated. The judge also said that Tourre cannot ask Goldman to pay him back for the civil penalties. "Tourre's conduct spanned seven months, and involved many emails, meetings, and calls," Forrest wrote in her ruling. "He has shown no remorse or contrition." Tourre had previously argued that he shouldn't have to pay more than $65,000. The SEC had asked for total penalties of $1.15 million.
http://www.foxbusiness.com/industries/2014/03/12/ex-goldman-trader-fabrice-tourre-fined-850000/