NEW YORK - A former Goldman Sachs trader dubbed "Fabulous Fab" has been ordered to pay about $825,000 in a securities fraud case stemming from the 2007 mortgage crisis that helped push the country into recession.
A federal judge in Manhattan issued the ruling Wednesday in the civil case against Fabrice Tourre. He was found liable after a trial last summer.
His lawyer didn't immediately return a call seeking comment.
The federal Securities and Exchange Commission said Tourre misled institutional investors about subprime mortgage securities that he knew were destined to fail. SEC lawyers called him a symbol of "Wall Street greed."
His attorneys depicted him as a scapegoat for the financial crisis.
The SEC says the ruling reflects its intent of "pursuing meaningful sanctions" to punish and deter misconduct.