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: Law Blog - WSJ.com

Former Credit Suisse Broker Who Fled Has Been Nabbed

By Jennifer Forsyth

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Julian Tzolov, a former Credit Suisse Group (CS) broker, who was declared a fugitive by federal prosecutors in June, has been apprehended, prosecutors said Wednesday, but the specifics remain pretty murky.

Chad Bray, our colleague at Dow Jones Newswires, reports that prosecutors from the U.S. Attorney’s office submitted a letter to the court Wednesday, saying that Tzolov had been apprehended. The letter didn’t provide any details of the arrest or where it took place and Robert Nardoza, a spokesman for the U.S. Attorney’s office, said he had no additional details.

Benjamin Brafman, a lawyer for Tzolov, declined comment.

Tzolov, a native of Bulgaria, was charged in an indictment unsealed last week for failure to appear and visa fraud, according to an indictment made public Wednesday.

In a letter to U.S. District Judge Jack Weinstein in June, prosecutors said Tzolov, who was free on bail and subject to home confinement with electronic monitoring, left his home without permission May 9 and they haven’t been able to locate him. An arrest warrant for Tzolov was issued May 11 and remained under seal until last month, according to the government’s letter.

Tzolov and Eric Butler, both formerly of Credit Suisse Securities (USA) LLC, have been accused of engaging in an alleged fraudulent scheme to obtain higher commissions by selling clients higher-risk auction-rate securities backed by mortgages, when those clients wanted to buy lower-risk securities backed by student loans. They have been charged in Brooklyn with conspiracy, securities fraud and multiple counts of wire fraud. Butler is set to go to trial on those charges beginning Monday.