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: JURIST - The Paper Chase

Ex-Credit Suisse broker convicted of fraud and conspiracy

By Bernard Hibbitts (editor) and University of Pittsburgh School of Law students.

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[JURIST] Former Credit Suisse broker Eric Butler was convicted Monday of multiple counts of fraud and conspiracy in the US District Court for the Eastern District of New York. His co-defendant Julian Tzolov pleaded guilty last month and testified against Butler. Butler and Tzolov are accused of defrauding clients out of more than $400 million by selling high-risk, mortgage-backed securities to clients who requested low-risk investments, in violation of the Securities Exchange Act of 1934, the Securities Act of 1933, and other SEC regulations. Butler faces up to 45 years in prison. Both Butler and Tsolov will be sentenced October 27. In light of the numerous acts of financial fraud that have been reported, the Obama administration has made protecting consumers a top priority. Last month, Securities and Exchange Commission chairperson Mary Schapiro pledged policy changes that would improve the odds of preventing investment fraud. In May, the House of Representatives passed the Senate version of the credit card holders' bill of rights, which the president signed the following day. Just two days prior, Obama signed the Fraud Enforcement and Recovery Act, strengthening criminal laws against financial fraud.

Full post as published by JURIST - The Paper Chase on August 18, 2009 (boomark / email).