Jury Finds Ex-Credit Suisse Broker Guilty

By Jacqueline Bell

Law360, New York (August 17, 2009, 6:33 PM ET) -- A federal jury in New York found former Credit Suisse Group AG broker Eric Butler guilty of conspiracy and securities fraud related to the sale of auction rate securities in a verdict handed down Monday, according to the U.S. Attorney's Office for the Eastern District of New York.

Prosecutors accused Butler, 36, and fellow former Credit Suisse broker Julian Tzolov of defrauding auction rate securities clients with an eye toward securing higher commissions. The two sold mortgage-backed securities to clients who had actually placed orders to...
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