Jury Finds Ex-Goldman Trader Tourre Liable For Fraud

Law360, New York (August 1, 2013, 4:15 PM EDT) -- A jury on Thursday largely sided with the U.S. Securities and Exchange Commission in its fraud case against Fabrice Tourre, finding that the former Goldman Sachs Group Inc. trader misled investors in a “built-to-fail” financial product.

A nine-member jury came back with a verdict against Tourre on Thursday afternoon, finding him liable on six of seven claims the SEC had brought. Jurors had begun their deliberations Wednesday morning.

Tourre was the sole individual targeted by the commission in connection with Abacus 2007-AC1, a synthetic collateralized debt obligation...
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