In House - The FindLaw Corporate Counsel Blog

April 2010 Archives

SEC Sues Goldman Sachs, VP, for Mortgage-Backed Securities Fraud

On April 16, the Securities and Exchange Commission announced they had filed a complaint against Goldman Sachs & Co. and one of its vice-presidents, Fabrice Tourre, for defrauding investors with a sub-prime mortgage related financial product structured and offered by the company just as the U.S. housing market was beginning to fail. The SEC is seeking injunctive relief, disgorgement of profits, prejudgment interest, and financial penalties from Goldman Sachs and from Tourre.