He’s still fabulous.
Ex-Goldman Sachs trader Fabrice ‘Fabulous Fab’ Tourre has asked a federal judge to dismiss a jury ruling against him brought by the Securities and Exchange Commission this summer.
The 34-year-old trader Tourre was found liable by a nine-person jury on six of seven counts of fraud in the closely watched civil trial.
However, the Goldman trader is hoping to get a redo.
In a court papers filed late Monday, Tourre’s lawyers argued for an appeal based on the view that the jury – comprised of five women and four men – had insufficient evidence to reach its Aug. 1 verdict.
Tourre’s legal team s referred to the original verdict as a “manifest injustice” in legal papers.
It was anticipated that Tourre might seek an appeal after originally being found liable for perpetrating a $1 billion fraud when he marketed a complex array of mortgage securities to institutional investors back in 2007.
Legal sources say that it will be difficult for Tourre’s legal team to win an appeal because the US legal system places a lot of weight behind jury verdicts.
Tourre was a 28-year-old mid-level trader on the fast track to the easy life at Goldman’s downtown offices when he allegedly misled investors, the SEC charged.
An appeal would threaten to rescind one of the biggest wins for the SEC team led by hot-shot litigator Matthew Martens, who was personally thanked by SEC chair Mary Jo White after the court victory.
Tourre’s sentencing date has yet to be determined.