A jury in New York has so far found just one trader liable for fraud in its investigations into events surrounding the 2008 property market collapse.

Former Goldman Sachs trader Fabrice Tourre has been found liable in a failed mortgage deal which cost investors more than $1 billion.

Mr Tourre was accused by the US Securities and Exchange Commission (SEC) of selling bonds based on risky sub-prime mortgages, which he knew would not turn a profit.

Mr Tourre was found liable in an agreement between Goldman Sachs and the SEC, which has led to the financier paying $616 million and neither confirming nor denying its own wrongdoing.

Tourre, who left the company in 20102 and is now pursuing a doctorate in economics at the University of Chicago, was the only individual charged in the multi-million dollar fraud case.

The SEC says it is a victory; “We are gratified by the jury's verdict, said Andrew Ceresney, co-director of the regulator's enforcement division, “we will continue to vigorously seek to hold accountable, and bring to trial when necessary, those who commit fraud on Wall Street.”