He risks a heavy fine and restitution of ill-gotten gains, as well as a ban on market-related functions.
The French Fabrice Tourre, ex-broker of the American bank Goldman Sachs, was found guilty of stock market fraud and five other charges, Thursday, August 1, during his trial against the American government, in New York, open since the 15th of July.
The 34-year-old “Fab the fabulous” faces a heavy fine and restitution of ill-gotten gains, as well as a ban on market-related functions. The SEC – the US stock market regulator – had filed a complaint in 2010, accusing it of having knowingly deceived investors by selling them subprime, complex and toxic financial products, in 2007. “We will continue to vigorously seek to hold accountable and bring to justice if necessary those who have committed fraud on Wall Street”, commented the regulator, in a press release.
Three years ago, Goldman Sachs paid $ 550 million to end the SEC’s lawsuits. However, the bank continues to pay the legal fees of its former trader.