September 3, 2008 / 7:10 PM / 9 years ago

Ex-Credit Suisse broker Butler pleads not guilty

NEW YORK, Sept 3 (Reuters) - Former Credit Suisse CSGN.VX broker Eric Butler pleaded not guilty on Wednesday to criminal charges accusing him and a colleague of defrauding investors through deceptive sales of subprime-related auction-rate debt.

The indictment was unsealed earlier on Wednesday in U.S. District Court in Brooklyn. It accused Butler and another former Credit Suisse broker, Julian Tzolov, of conspiracy, securities fraud and wire fraud in a three-year scheme designed to allow them to obtain higher commissions.

Tzolov was believed to be out of the country and did not appear in court with Butler. Butler, in an appearance before U.S. Magistrate Judge Ramon Reyes, was released on bail after he entered his plea of not guilty. (Reporting by Grant McCool; Editing by Brian Moss)

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