Ex-Credit Suisse Broker Gets 5 Years For $1B ARS Fraud

Law360, New York (August 23, 2011, 7:09 PM EDT) -- A New York federal judge on Tuesday sentenced former Credit Suisse Group AG broker Eric Butler to five years in prison for lying to investors about $1.1 billion in auction rate securities, ending a two-year appeal process.

Ignoring pleas for leniency, U.S. District Judge Jack Weinstein imposed the same amount of prison time that Butler received after his 2009 securities fraud conviction, which the Second Circuit Court of Appeals overturned on venue grounds. Judge Weinstein also fined the former broker $5 million.

New charges were filed...
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