'Fabulous Fab' lawyer wants email excluded from trial

Tue Jul 9, 2013 6:06pm EDT
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Nate Raymond

NEW YORK (Reuters) - An infamous email in which former Goldman Sachs vice president Fabrice Tourre referred to himself as "the fabulous Fab" should not be introduced at his securities fraud trial, his lawyer said on Tuesday.

Lawyer Sean Coffey said the email was a personal communication between Tourre and his girlfriend and was irrelevant to the case.

"These are emails that should be closely scrutinized," Coffey told the judge who will oversee the trial.

The U.S. Securities and Exchange Commission has accused Tourre of misleading investors in a mortgage securities investment in 2007 called Abacus 2007-AC1 that it said was designed to fail.

Goldman Sachs Group Inc GS.N paid $550 million to settle the allegations, without admitting or denying wrongdoing. Tourre denies any wrongdoing and his trial starts in federal court in New York on Monday.

Tourre sent the email on January 27, 2007, to his girlfriend, Marine Serres, who worked at Goldman Sachs in London. In it, he said the "whole building is about to collapse anytime now," referring to financial markets.

"Only potential survivor, the fabulous Fab ... standing in the middle of all these complex, highly leveraged, exotic trades he created without necessarily understanding all of the implications of those monstrosities!!!"

The SEC referred to the email in its lawsuit in April 2010, it was later released in full by the U.S. Senate and "fabulous Fab" became the nickname by which Tourre was known in the media.   Continued...

 
Former Goldman Sachs Group Inc. trader Fabrice Tourre (C) leaves the United States Court in New York City, April 26, 2013. REUTERS/Mike Segar