Convicted ex-broker’s term likely to stand: judge
An ex-Credit Suisse AG broker convicted on multiple counts of defrauding institutional investors out of $1 billion is likely still to face a five-year prison term despite a recent appeals-court dismissal of one of his convictions, a federal judge said.
Eric Butler may ultimately find the dismissal “a Pyrrhic victory at best, or a disaster at worst,” U.S. District Judge Jack Weinstein wrote in a memorandum released on Friday.
Butler was convicted by a Brooklyn federal jury in 2009 on charges of conspiracy to commit wire and securities fraud, as well as one count of securities fraud. He was sentenced to five years on each count, to be served concurrently.