The Fraud Cases Against Julian T. Tzolov And Eric S. Butler
www.BackgroundNow.com, Oct 2, 2008 - 40 pages
JULIAN TZOLOV and ERIC BUTLER, former brokers at Credit Suisse Securities LLC, have been charged with conspiracy, securities fraud, and wire fraud. The superseding indictment alleges that the defendants schemed to obtain higher sales commissions by selling auction rate securities ("ARS") backed by mortgages to Credit Suisse clients who, in fact, had placed orders to buy ARS backed by student loans. The defendants concealed their scheme by falsifying the names of the ARS the clients bought and otherwise misleading the clients into believing they had bought ARS backed by student loans. When the mortgage-backed ARS market failed, the clients lost their money.
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alleged artifices to defraud assets collateralizing ATTORNEY A TTORNEY auction failures auction rate securities backed auction rate backed by federally Butler had purchased Butler knew Butler purchased Butler sent Cash Management Group Collateralized debt obligations Companies concerned the nature courses of business Customer A's account Date Filed defendants JULIAN TZOLOV e-mail to Customer ERIC BUTLER Exchange Act 15 Exchange Commission falsely described federally guaranteed student guaranteed student loans knew or recklessly LEAD ATTORNEY liquid loan backed auction loan backed securities London Heathrow Airport million non-student loan backed Offense Level purchased for Customer purchases of non-student rate securities collateralized rate securities purchased realleged and incorporated recklessly disregarded sales assistants Section 17(a Securities Act 15 Securities and Exchange securities Tzolov student loan backed Subject CDO-ARSs Subject SL-ARSs subprime mortgages Suisse's Tzolov and Butler TZOLOV and ERIC Tzolov had purchased Tzolov knew unauthorized purchases United States Attorneys United States Code WIRE FRAUD