According to the good folks at Bloomberg former Credit Suisse Group AG broker Eric Butler had his securities-fraud conviction overturned by a federal appeals court, which ruled that Brooklyn, New York, was the wrong venue for the trial on the charge.
The U.S. Court of Appeals in New York today upheld Butler’s conviction on two conspiracy counts. Butler was found guilty in 2009 of fraudulently selling securities that cost investors more than $1.1 billion in losses.
“No conduct that constituted the offense took place in the Eastern District” of New York, which includes Brooklyn, the court ruled.
Butler and his partner Julian Tzolov were accused of intentionally misleading clients about securities purchased on their behalf, falsely claiming they were backed by federally guaranteed student loans....
Find out more at:
http://www.businessweek.com/news/2011-06-15/ex-credit-suisse-broker-butler-gets-fraud-conviction-tossed.html
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