The wife of Eric Butler, a former Credit Suisse Group AG
(CSGN) broker convicted in a $1 billion fraud, is protesting the government’s
efforts to take over joint assets, according to a federal court filing, te good
people at Bloomberg report.
Elizabeth Butler yesterday objected to a recommendation that
the proceeds of joint accounts go to the government to satisfy a $5 million
fine and $250,000 forfeiture order. Eric Butler began serving a five-year
sentence in September for crimes associated with misleading clients about
securities investments.
The government and the court “take the position that because
certain assets in the web of linked accounts were in Mr. Butler’s name alone,
this justifies giving Mrs. Butler nothing from the accounts always considered
hers, and holding funds she earned,” according to the objection filed on behalf
of the Butlers....
A federal jury in Brooklyn, New York, convicted Butler in
August 2009 of intentionally misleading his institutional clients, including
GlaxoSmithKline Plc (GSK) and Roche Holding AG (ROG), about securities
purchased on their behalf. Victims’ losses were more than $1.1 billion,
according to the government.
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