Broker Arrested for Auction Rate Securities Fraud

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Broker Arrested for Auction Rate Securities Fraud

September 5th, 2008 laurie

A former Credit Suisse broker was arrested Thursday over auction rate securities fraud.

Reuters reports that F.B.I. officials said the former broker, Julian Tzolov, a native of Bulgaria, was arrested at John F. Kennedy International Airport. Mr. Tzolov and a former colleague, Eric Butler, were charged with conspiracy, securities fraud and wire fraud in an indictment unsealed Wednesday in Federal District Court in Brooklyn.

The New York Times reports that prosecutors accused the two men of misleading customers into believing that auction-rate securities in their accounts were backed by federally guaranteed student loans and were a safe and liquid alternative to bank deposits or money market funds. In a separate civil complaint, the Securities and Exchange Commission said the two men made unauthorized purchases of more than $1 billion in auction-rate securities for corporate customers’ accounts from November 2004 to August 2007.

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