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This ranks right up there with jailing Martha Stewart for insider trading...while all the big fish escape through the holes cut in the nets...
Ex-Credit Suisse Broker Butler Gets Five-Year Prison Sentence
Jan. 23 (Bloomberg) -- Former Credit Suisse Group AG broker Eric Butler was sentenced to five years in prison for fraudulently selling subprime securities to corporate clients that cost investors more than $1.1 billion in losses.
Butler was found guilty in August after a three-week trial in federal court in Brooklyn, New York. Butler, convicted of conspiracy to commit securities fraud, securities fraud and conspiracy to commit wire fraud, faced a maximum sentence of 45 years in prison, prosecutors said...
...“I was a bond salesman, I purchased AAA-rated securities and my belief was that those securities were infallible,” Butler said. “In my career I had never experienced a failed auction,” he said. “I had faith in the market and I invested client’s money in what I truly believe was the safest product.”...
...The judge said Butler’s trial “laid bare the pernicious and pervasive culture of corruption in the financial-services industry” which he said is “beset by avarice.”
“The blame for this condition is shared not only by individual defendants like Butler, but also the institutions that employ them,” he said.
Weinstein cited several factors that he said may have contributed to Butler’s crimes, including a failure by government regulators and legislators to monitor and supervise the markets, the investors who didn’t “exert reasonable control and supervision” over transactions and “a failure by Credit Suisse, Butler’s employer, and other financial institutions to adequately supervise.”...
Jan. 23 (Bloomberg) -- Former Credit Suisse Group AG broker Eric Butler was sentenced to five years in prison for fraudulently selling subprime securities to corporate clients that cost investors more than $1.1 billion in losses.
Butler was found guilty in August after a three-week trial in federal court in Brooklyn, New York. Butler, convicted of conspiracy to commit securities fraud, securities fraud and conspiracy to commit wire fraud, faced a maximum sentence of 45 years in prison, prosecutors said...
...“I was a bond salesman, I purchased AAA-rated securities and my belief was that those securities were infallible,” Butler said. “In my career I had never experienced a failed auction,” he said. “I had faith in the market and I invested client’s money in what I truly believe was the safest product.”...
...The judge said Butler’s trial “laid bare the pernicious and pervasive culture of corruption in the financial-services industry” which he said is “beset by avarice.”
“The blame for this condition is shared not only by individual defendants like Butler, but also the institutions that employ them,” he said.
Weinstein cited several factors that he said may have contributed to Butler’s crimes, including a failure by government regulators and legislators to monitor and supervise the markets, the investors who didn’t “exert reasonable control and supervision” over transactions and “a failure by Credit Suisse, Butler’s employer, and other financial institutions to adequately supervise.”...