'Fabulous Fab' asks court to overturn guilty verdict over mortgage fraud

Click to follow
The Independent Online

The Former Goldman Sachs banker Fabrice Tourre has asked a New York court to overturn the guilty verdicts handed down to him in August for defrauding investors in a complex mortgage deal that left them nursing $1bn (£620m) in losses.

Lawyers representing the Frenchman said the jury was wrong to find him liable on six of the seven civil charges he faced and that letting the verdicts stand would be "a manifest injustice".

Jurors found that Tourre misled investors before the financial crisis by failing to reveal that the hedge fund billionaire John Paulson helped choose the underlying securities and was betting that they would fail.

"Fabulous Fab" moved to London in 2008 but was banned from working in the City when the charges from US regulators emerged. He now faces the prospect of a fine and ban from Wall Street.