Ex-Wall St. broker convicted in $1B subprime fraud (AP)

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Old Aug 17th, 2009, 05:10 PM   #1
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Default Ex-Wall St. broker convicted in $1B subprime fraud (AP)

AP - A former Wall Street broker has been convicted of conspiracy and securities fraud after investors lost nearly $1 billion in a subprime mortgage fraud.

A federal jury in Brooklyn convicted former Credit Suisse broker Eric Butler on Monday after a three-week trial.

Prosecutors had accused Butler and former colleague Julian Tzolov (ZOH'-lawv) of defrauding clients to get higher sales commissions.

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