Judge orders former Goldman VP to pay $825K

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.

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The staff of Advisor.ca have been covering news for financial advisors since 1998.