{"id":39942,"date":"2014-01-09T07:13:10","date_gmt":"2014-01-09T12:13:10","guid":{"rendered":"http:\/\/www.hedgeco.net\/news\/?p=39942"},"modified":"2014-01-09T07:16:25","modified_gmt":"2014-01-09T12:16:25","slug":"goldman-sachs-hedge-fund-trader-denied-new-trial-sec-wants-money-transfer-to-us","status":"publish","type":"post","link":"https:\/\/hedgeco.net\/news\/01\/2014\/goldman-sachs-hedge-fund-trader-denied-new-trial-sec-wants-money-transfer-to-us.html","title":{"rendered":"Goldman Sachs Hedge Fund Trader Denied New Trial, SEC Wants Money Transfer To US"},"content":{"rendered":"

\"images<\/a>New York (HedgeCo.Net) – Fabrice Tourre, the former Goldman Sachs hedge fund trader with the nickname\u00a0“Fabulous Fab” has been denied a new trial by\u00a0Judge Katherine Forrest in Manhattan.<\/p>\n

Tourre was found\u00a0liable for fraud by a jury in Manhattan on\u00a0six of seven counts\u00a0of fraud in August 2013. The hedge fund trader claims that that “his conduct\u00a0did not amount to fraud, that there was a lack of evidence to support such a finding, and that Forrest had instructed jurors incorrectly on the law.” Bloomberg reports.\u00a0Judge Forrest said\u00a0“None of these arguments has merit.”<\/p>\n

“Forrest is still reviewing an SEC request that Tourre pay $1.15 million, including a $910,000 fine, as punishment. Goldman is paying his legal fees, and an appeal is possible after a penalty is assessed.” Bloomberg says.<\/p>\n

The Wall Street Journal reports that the SEC has filed a request that Tourre transfer and keep more than a million dollars in his US account at all times after it was discovered he was trying to transfer money out of his UK account as a “loan to a family member.” The SEC wants the former Goldman Sachs trader to have sufficient funds in his US account to pay the SEC fines.<\/p>\n

The SEC in 2010 filed securities fraud charges against Goldman, Sachs & Co. and 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 said.<\/p>\n

The SEC fined Goldman Sachs over $550 million, ordering a sweeping review of the companies business standards.\u00a0SEC lawyers called\u00a0Torre<\/a>\u00a0“The face of Wall Street greed.”<\/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","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 denied a new trial by\u00a0Judge Katherine Forrest in Manhattan. Tourre was found\u00a0liable for fraud by a jury in Manhattan on\u00a0six of […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11,16034,3],"tags":[],"class_list":["post-39942","post","type-post","status-publish","format-standard","hentry","category-hedge-fund-fraud","category-hedge-fund-rulings","category-hedgeco-news"],"_links":{"self":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39942","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=39942"}],"version-history":[{"count":4,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39942\/revisions"}],"predecessor-version":[{"id":39949,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/posts\/39942\/revisions\/39949"}],"wp:attachment":[{"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/media?parent=39942"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/categories?post=39942"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hedgeco.net\/news\/wp-json\/wp\/v2\/tags?post=39942"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}