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September 24, 2017

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Ex-Goldman trader Tourre won't appeal verdict over fraud charges

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.

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