Ex-Goldman trader Tourre won't appeal verdict over fraud charges
NEW YORK, AFP
May 29, 2014, 12:06 am TWN
NEW YORK--Former Goldman Sachs trader Fabrice Tourre said Tuesday he will not appeal a U.S. court ruling that he defrauded investors.
A New York jury concluded in August last year that the Frenchman, nicknamed "Fabulous Fab," misled investors on the sale of mortgage-linked securities that sank in value after the housing bust.
Tourre has been ordered to pay US$825,463 in penalties, disgorgement of ill-gotten gains and interest payments.
Tourre, who is pursuing a doctorate in economics at the University of Chicago, said Tuesday he wanted to turn the page on the episode.
"After careful consideration, I have decided not to pursue a lengthy appeal process which, if successful, would lead to a retrial," Tourre said in a statement released through a spokesman.