MoneyWatch

Judge orders ex-trader "Fabulous Fab" Tourre to pay $825K

/ AP

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.

First published on March 12, 2014 / 12:33 PM EDT

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