U.S. District Judge Katherine Forrest in
Tourre, 35, was found liable Aug. 1 after a jury trial at which the SEC alleged he had intentionally misled investors in a subprime mortgage vehicle called Abacus 2007-AC1. Tourre lied about the role played by billionaire
The lawsuit was one of the government's most prominent efforts to fix responsibility for the housing market crash, which helped precipitate the worst economic downturn since the 1930s. Critics have faulted the SEC for not doing more to police the abuses that helped lead to the crisis or to pursue top financial executives they say are responsible.
The SEC's allegations against Tourre and Goldman Sachs helped spur
The SEC requested a $910,000 penalty. Forrest declined to order Tourre, who is in the middle of a six-year economics doctoral program at the