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Ex-Goldman Executive Tourre Should Pay Fine, SEC Says

Fabrice Tourre, the ex-Goldman Sachs Group Inc. vice president found liable for his part in a failed $1 billion investment, should pay $1.1 million in fines, disgorgement and interest, the U.S. Securities and Exchange Commission said.

Tourre, 34, was found liable Aug. 1 after a jury trial at which the SEC claimed he intentionally misled investors in a subprime mortgage vehicle called Abacus. The agency alleged Tourre lied about the role played by billionaire John Paulson’s Paulson & Co. hedge fund, which helped choose the portfolio of securities underlying Abacus then made a billion-dollar bet it would fail.