After being accused of fraud at Goldman Sachs Group Inc, Fabrice Tourre asked the jury to restore his reputation and let him get on with his life. Tourre claimed he did a good job at Goldman Sachs and performed his duties well prior to the accusation alleged against him.
The lawsuit filed was over a deal linked to one of the reasons of the worst slump in the economy from the 1930s. In the closing remarks of the trial yesterday, Tourre's lawyer said that the portfolio was a good investment which led Paulson & Co., a Goldman Sachs client, made US$1 billion.
The trial was scheduled to go on for two weeks and would have Tourre face jury today. The jury will decide on the 34-year-old Frenchman's case, to whether or not free him or fine him with charges and a possible ban from the securities industry for his entire lifetime.
Tourre allegedly mislead participants over a deal known as Abacus in 2007. This was claimed by the Securities and Exchange Commission to the former vice president of Goldman Sachs. The SEC said that Tourre hid information that Paulson helped him manipulate the Abacus portfolio to fail by helping the former choose subprime mortgage-backed securities, and in turn providing the latter advantage to earn from the manipulation by betting against it.
Join the Conversation