Ex-Credit Suisse broker gets five years for subprime fraud

David Benyon
01 Mar 2010

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NEW YORK – A former Credit Suisse broker in the US has been sentenced to five years in jail for subprime mortgage fraud. Prosecutors said investors lost up to $500 million due to mortgages fraudulently sold by Eric Butler, who was found guilty in August 2009 in a federal court in Brooklyn of conspiracy to commit securities fraud, securities fraud and conspiracy to commit wire fraud. US district judge Jack Weinstein fined Butler $5 million, and ordered him to forfeit $500,000.

Butler and business

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