New York -
Former Goldman Sachs trader Fabrice Tourre said on Tuesday he will not appeal a US court ruling that he defrauded investors.
A New York jury concluded in August last year that the Frenchman, nicknamed “Fabulous Fab”, misled investors on the sale of mortgage-linked securities that sank in value after the housing bust.
Tourre has been ordered to pay $825 463 in penalties, disgorgement of ill-gotten gains and interest payments.
Tourre, who is pursuing a doctorate in economics at the University of Chicago, said on Tuesday he wanted to turn the page on the episode.
“After careful consideration, I have decided not to pursue a lengthy appeal process which, if successful, would lead to a retrial,” Tourre said in a statement released through a spokesman.
“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 said he looked forward to completing his degree “and to making meaningful contributions to my field”.
Tourre became a symbol of Wall Street excess that was partly to blame for the 2008 financial crisis. A two-week civil trial in July 2013 focused on a series of communications that the jury agreed showed Tourre had misled investors about the risk of the investments. - Sapa-AFP