The trial of ex-Goldman Sachs trader Fabrice Tourre in New York could put a face on the carelessness that led to the 2007 collapse, legal experts said. Tourre, also known as Fabulous Fab, is scheduled to face trial on Monday and is accused of knowingly selling bad investments that he expected would unravel, CNNMoney reported. The trial is the first of its kind since 2007, when two former hedge fund managers, Matthew Tannin and Ralph Cioffi, were accused of misleading investors and were acquitted. Tourre, if found liable, could face a fine from the Securities and Exchange Commission and could be barred from working in the financial industry, CNNMoney said. Most of the evidence is based on e-mail messages, an SEC spokesmen said, which allegedly show that Tourre was selling a debt obligation package — Abacus — that he expected to fail. Investors in Abacus lost $1 billion when the housing market fell apart, CNN Money said. Tourre denies the allegations, and his defense is being paid for by his ex-employer, Goldman Sachs.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor