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New York (AFP) – U.S. regulators are seeking more than $1.1 million from ex-Goldman Sachs trader Fabrice Tourre after he was found to have defrauded investors on mortgage bonds.

The Securities and Exchange Commission asked in a filing late Monday for $910,000 in penalties from Tourre, who was found liable of fraud by a federal jury in August over the sale of mortgage-linked securities ahead of the financial crisis.

The SEC is also seeking the disgorgement of $175,463 in ill-gotten gains and $62,858.03 in interest.

A New York jury found Tourre liable on six of seven counts of fraud for misleading investors over the risk of the mortgage-linked securities Goldman sold to them in 2007. The securities cratered after the housing bust, leaving the investors with large losses.

Tourre, a French national, gained the nickname “Fabulous Fab” after he called himself that in an email that also made clear he knew the bonds were highly risky.

Goldman Sachs paid $550 million in 2010 to settle with the SEC on a related investigation.

U.S. District Judge Katherine Forrest will determine the penalty.

Mourners of Ruth Bader Ginsburg at the Supreme Court

Photo by Bsivad/ CC BY-NC 2.0

Reprinted with permission from MediaMatters

Judicial Crisis Network, the primary right-wing group involved in supporting or opposing judicial nominees, has released a hypocritical ad that calls for a nomination to be made to fill the Supreme Court seat left vacant by the death of Justice Ruth Bader Ginsburg, and for the Republican Senate to quickly confirm the nominee.

In February 2016, following the death of Justice Antonin Scalia, JCN launched an ad campaign under the banner "Let the People Decide" that argued that the vacancy's proximity to the presidential election meant that it should be filled by that election's winner, rather than by then-President Barack Obama.

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