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article imageBig fine imposed on ex-Goldman trader Tourre in SEC case

    Mar 12, 2014 in Business

NEW YORK (Reuters) - A U.S. judge on Wednesday ordered former Goldman Sachs Group Inc trader Fabrice Tourre to pay more than $825,000 after a jury found him liable for defrauding investors in a complex investment product linked to subprime mortgages.

The decision by U.S. District Judge Katherine Forrest in Manhattan came in one of the highest-profile cases by the U.S. Securities and Exchange Commission to flow out of the events leading up to the 2008 financial crisis.

Tourre was ordered to pay $650,000 in civil fines, and give up an additional $175,463 plus interest, representing the portion of his bonus attributable to the transaction at the heart of the case.

Forrest also barred Tourre from seeking to have Goldman cover his civil fines, but said he could seek reimbursement from others.

The SEC had sought to recoup $1.15 million from Tourre, including a $910,000 fine plus ill-gotten gains and interest.

(Reporting by Nate Raymond and Jonathan Stempel in New York; Editing by Jeffrey Benkoe)

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