A former Goldman Sachs trader who earned the nickname "Fabulous Fab" was found liable Thursday in a fraud case brought by federal regulators in response to the 2007 mortgage crisis that helped push the country into recession.
A jury reached the verdict at the civil trial in the Southern District of Fabrice Tourre—a French-born Stanford graduate described by Securities and Exchange Commission lawyers as the face of "Wall Street greed." Tourre's attorneys portrayed him as a scapegoat in a downturn caused by larger economic forces.
