In a post-Madoff and Stanford world, a $1 billion securities fraud sounds like pocket change. But at least there’s a little justice for folks on Wall Street who can’t play by the rules:
NY Daily News: The federal jury in Brooklyn took only three hours to convict Eric Butler of charges that he fooled clients into thinking their investments were backed by low-risk, government-guaranteed student loans.
Instead, Butler and his partner at Credit Suisse, Julian Tzolov, purchased high-risk securities to obtain higher sales commissions.
Butler, 36, appeared stunned by the verdict, which carries a maximum penalty of 45 years in prison.
Prosecutors apparently introduced photos of Butler and Tzolov partying in Miami and Europe — you know, just in case the jurors had even a shred of sympathy for them.
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