Monday, 4 May 2015
Last updated 2 days ago
Dec 17 2013 | 12:10pm ET
Former Goldman Sachs executive Fabrice Tourre should pay more than $1.1 million for misleading investors in a Paulson & Co.-linked collateralized debt obligation, the Securities and Exchange Commission told a federal judge yesterday.
The SEC asked U.S. District Judge Katherine Forrest to impose $910,000 in fines on Tourre, who was found liable by a jury in August. The regulator also called for $175,463 in restitution and $62,858.03 in interest—and that he be barred from seeking to have Goldman pay it.
"It is critical that Tourre's conduct be addressed through significant disgorgement and penalties, to ensure that he is punished for his wrongdoing and that he and others are deterred from engaging in such conduct in the future," the SEC said.
Tourre was found to have deliberately misled investors and the insurer of ABACUS-2007-AC1 about Paulson's role in selecting the securities that went into the deal, and about the hedge fund's plan to short it. Goldman paid $550 million to settle the matter with the SEC, and Paulson was never accused of any wrongdoing.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…