Former Goldman Trader Is Found Liable in Mortgage Deal - NYTimes.com

Former Goldman Trader Is Found Liable in Mortgage Deal - NYTimes.com:

"

Fabrice Tourre, the former Goldman Sachs trader at the center of a toxic mortgage deal sold to investors on the eve of the financial crisis, was found liable on Thursday for civil securities fraud.

Five years after the crisis, he is the only employee of a big American bank to lose a courtroom battle to Wall Street’s top regulator, the Securities and Exchange Commission. The S.E.C. took only a handful of employees to court over the crisis, but most cases were settled.

After two days of deliberation, the nine-person jury concluded that Mr. Tourre misled investors about the mortgage deal, capping a more than two-week civil trial in one of the most prominent cases involving the 2008 crisis."

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