Reuters writes that a federal appeals court in New York threw out part of the conviction of former Credit Suisse Group broker Eric Butler for misleading clients about the safety of auction-rate securities he sold.
The 2nd U.S. Circuit Court of Appeals reversed Butler's August 2009 securities fraud conviction by a Brooklyn, New York, jury for selling debt that caused $1.12 billion of investor losses, saying prosecutors brought the case in the wrong court. It upheld Butler's conviction on two conspiracy charges.
Butler's case is one of the first criminal prosecutions stemming from the credit crisis that began in 2007….
Find out more at: http://www.reuters.com/article/2011/06/15/us-creditsuisse-broker-idUSTRE75E4DP20110615
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