gavel-clipboard

Fabrice Tourre, a former Goldman Sachs Group trader, has been ordered to pay $825,000 by a U.S. judge, reports Reuters.

Read: Details of Goldman CEO’s bonus released

A jury found Tourre liable for defrauding investors with a product tied to subprime mortages.

Tourre must pay $650,000 in civil fines. He will also pay up to $175,463 more (not including interest), which represents the part of his bonus that Goldman awarded because of his discredited investment, reports Reuters.

The Securities and Exchange Commission had pressed for a $1.15 million fine.

Read more here.

Also read:

Europe’s bankers skirt bonus rules

U.S. regulators probe banks’ currency trades

Originally published on Advisor.ca

Add a comment

You must be logged in to comment.

Register on Advisor.ca