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Credit Suisse brokers face charges
Uzbekistan News.Net
Saturday 6th September, 2008
An indicted former Credit Suisse broker will face charges over deceptive sales of subprime-related auction-rate debt.
FBI officials in the US have said former broker Julian Tzolov, a native of Bulgaria, was arrested in New York as he entered the country.
Tzolov and a former colleague, Eric Butler, were charged with conspiracy, securities fraud and wire fraud in an indictment in the US District Court in Brooklyn on Wednesday.
Butler, 36, pleaded not guilty at his arraignment and was released on bail, but Tzolov was out of the country and did not appear in court with his former colleague.
The brokers resigned from Credit Suisse in August last year.
Prosecutors have accused Butler and Tzolov of misleading customers into believing that auction-rate securities in their accounts were backed by federally guaranteed funds.
Much of the $330 billion auction-rate market has been frozen since February.
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