Credit Suisse Banker's 5-Year Sentence For ARS Fraud Upheld

Law360, New York (October 23, 2012, 5:25 PM EDT) -- The Second Circuit on Tuesday affirmed the five-year prison term handed to former Credit Suisse Group AG broker Eric Butler for lying to investors about $1.1 billion in auction rate securities, ending a lengthy case that ping-ponged between two New York federal court districts.

In a summary order, U.S. Circuit Judges Gerard E. Lynch and Christopher F. Droney declined to revisit Butler’s sentence, dismissing as insufficient his arguments that U.S. District Judge Jack Weinstein used excessive sentencing guidelines and had improperly disregarded his post-trial rehabilitation and...
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