{"id":37152,"date":"2013-08-02T08:37:01","date_gmt":"2013-08-02T12:37:01","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=37152"},"modified":"2013-08-02T08:41:25","modified_gmt":"2013-08-02T12:41:25","slug":"former-goldman-hedge-fund-trader-found-liable-for-fraud","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/08\/2013\/former-goldman-hedge-fund-trader-found-liable-for-fraud.html","title":{"rendered":"Former Goldman Hedge Fund Trader Found Liable For Fraud"},"content":{"rendered":"
\n

\"fabriceTourre\"<\/a>New York (HedgeCo.Net) – Fabrice Tourre, the former Goldman Sachs hedge fund trader with the nickname\u00a0“Fabulous Fab” has been found\u00a0liable for fraud by a jury in Manhattan on\u00a0six of seven counts\u00a0of fraud.<\/p>\n

The SEC in 2010 filed securities fraud charges against Goldman, Sachs & Co. and an employee, Fabrice Tourre, for making material misstatements and omissions in regards to a CDO that contributed to the financial crisis by magnifying losses associated with the downturn in the United States housing market.\u00a0The failed mortgage deal cost investors approximately $1 billion.<\/p>\n

“The SEC had accused Tourre of misleading institutional investors about subprime mortgage securities that he knew were doomed to fail, setting the stage for a valued Goldman hedge fund client, Paulson & Co., to secretly bet against the investment.” USA Today reports.<\/p>\n

The SEC fined Goldman Sachs over $550 million, ordering a sweeping review of the companies business standards.\u00a0SEC lawyers called Torre<\/a>\u00a0“The face of Wall Street greed.”\u00a0He faces potential fines and a possible ban from the financial industry.<\/p>\n

“We are gratified by the jury’s verdict,” said Andrew Ceresney, co-director of the regulator’s enforcement division, Bloomberg reports. “We will continue to vigorously seek to hold accountable, and bring to trial when necessary, those who commit fraud on Wall Street.”<\/p>\n

Alex Akesson
\nEditor for\u00a0HedgeCo.net<\/a>
\nalex@hedgeco.net<\/a>
\nHedgeCo.Net<\/a>\u00a0is a premier\u00a0hedge fund database<\/a>\u00a0and community for qualified and accredited investors only. Membership in\u00a0HedgeCo.net<\/a>\u00a0is FREE and EASY. We also offer FREE LISTINGS for\u00a0Hedge Funds<\/a>!<\/p>\n

 <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

New York (HedgeCo.Net) – Fabrice Tourre, the former Goldman Sachs hedge fund trader with the nickname\u00a0“Fabulous Fab” has been found\u00a0liable for fraud by a jury in Manhattan on\u00a0six of seven counts\u00a0of fraud. The SEC in 2010 filed securities fraud charges […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12,16034,3],"tags":[],"class_list":["post-37152","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-regulation","category-hedge-fund-rulings","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37152","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/comments?post=37152"}],"version-history":[{"count":3,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37152\/revisions"}],"predecessor-version":[{"id":39943,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/37152\/revisions\/39943"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=37152"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=37152"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=37152"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}