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Goldman Employee Tourre Liable on 6 of 7 Fraud Counts

NEW YORK ( TheStreet) -- A New York jury found former Goldman Sachs (GS - Get Report) trader Fabrice Tourre liable Thursday in six of seven fraud claims brought against him by the Securities and Exchange Commission.

The 34 year-old Tourre, a relatively junior Goldman employee, was the only Goldman Sachs employee to be personally charged in a high-profile government case that cost Goldman a record $550 million to settle in 2010. The SEC charged Goldman and Tourre with misleading investors in complex mortgage securities, by failing to disclose they were created in consultation with investors including hedge fund Paulson & Co. that were betting against them.

Tourre's punishment in the federal civil case is still to be determined, but could include fines and possibly a ban from the securities industry.

-- Written by Dan Freed in New York.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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