Wednesday, 24 August 2016
Last updated 17 hours ago
May 28 2014 | 2:58pm ET
The former Goldman Sachs executive found liable for defrauding investors in a Paulson & Co.-linked collateralized debt obligation is abandoning efforts to clear his name.
Fabrice Tourre said yesterday that he would not appeal last year’s jury verdict that found him liable for misleading investors in and the insurer of ABACUS-2007-AC1 about Paulson’s role in selecting the securities that went into the deal. Tourre, who has left Wall Street to pursue a career in academia, said he hoped to put the matter past him.
“After careful consideration, I have decided not to pursue a lengthy appeal process which, if successful, would lead to a retrial,” Tourre said. “While my lawyers have advised me there are strong grounds to appeal, I prefer to move forward with my education and close this difficult chapter of my life.”
Tourre, now a graduate student at the University of Chicago, added that he looked “forward to finishing my Ph.D. in economics and to making meaningful contributions to my field.”
Tourre has already paid the$850,000 in fines and restitution ordered against him earlier this year.