Ex-Wall Street Broker Convicted in $1B Subprime Fraud

His colleague has pleaded guilty

Tuesday, Aug 18, 2009  |  Updated 7:06 AM EDT
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Ex-Wall Street Broker Convicted in $1B Subprime Fraud

Feds are investigating a local company for possible fraud.

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A former Wall Street broker has been convicted of conspiracy and securities fraud after investors lost nearly $1 billion in a subprime mortgage fraud, federal officials said.

Former Credit Suisse broker Eric Butler was convicted in Brooklyn federal court after a three-week trial.
    
Prosecutors had accused Butler and former Credit Suisse colleague Julian Tzolov of defrauding clients to get higher sales commissions.
    
Tzolov pleaded guilty just before the trial to securities fraud and other charges and testified against Butler.
    
Thirty-six-year-old Butler faces up to 45 years in prison at a sentencing scheduled for Oct. 27. Butler was ordered Monday to submit to electronic monitoring.
    
Tzolov fled in May and was captured by Spanish police following an international manhunt.

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