Eric Butler, one of the two former Credit Suisse brokers accused of masterminding a $1 billion securities fraud scheme, was convicted by a federal jury yesterday. (His partner-in-crime, Julian Tzolov, decided to head off to sunny Spain rather than face charges, but has since been caught.) It took jurors just three hours to come down with a verdict for Butler. So quick? "Prosecutors introduced photos of the high-living chums partying in Miami and Europe." Oh, yes, that must have helped. [NYDN, previously]
Julian Tzolov, the former Credit Suisse broker accused of cheating investors out of $4 million and then fleeing the country, pleaded guilty today to securities fraud, conspiracy, wire fraud, and bail-jumping charges. Why did Tzolov slip out of his Fifth Avenue condo and escape to Spain—he was nabbed in lovely Marbella in possession of a fake passport and accompanied by a bodyguard—a move that cost his friends and family the $3 million they put up in bail money? "I panicked your honor. I got scared," Tzolov told a judge shortly before his attorney, Ben Brafman explained that his client "meant no disrespect" by running off and now "recognizes that this was a bad idea." [Bloomberg, NYP]
Another rogue Wall Streeter is on the lam: "Ex-Credit Suisse trader and Bulgarian national Julian Tzolov was declared a fugitive by the U.S. government on Friday, three weeks before his trial for fraud related to subprime mortgages and auction rate securities. A document filed in U.S. District Court in Brooklyn said Tzolov, who was under house arrest and electronic monitoring, left his home on May 9 without permission of authorities."