Theft of a Nation by Gregg Barak

Author:Gregg Barak [Barak, Gregg]
Language: eng
Format: epub
Publisher: Rowman & Littlefield Publishers
Published: 2012-08-15T00:00:00+00:00

Table 5.1. Criminal Cases

Agency

Defendants

Charges

Status

Justice Department (Eastern District of New York)

Two former executives at Bear Stearns, the failed investment bank: Ralph R. Cioffi and Matthew M. Tannin

Filed in June 2008. The executives were accused of misleading investors in two hedge funds managed by Bear Stearns about the quality of mortgage assets held in those funds, which collapsed.

The defendants were found not guilty in November 2009.

Justice Department (Eastern District of New York) and SEC

Two former brokers at Credit Suisse: Eric Butler and Julian Tzolov (Credit Suisse was not named)

Filed in September 2008. The brokers were accused of committing securities fraud by misleading clients about their purchases in the auction-rate securities market, thereby gaining higher sales commissions.

Mr. Butler was found guilty in August 2009. In January 2010, he was sentenced to five years in prison and a $5.25 million fine and disgorgement. Mr. Tzolov pleaded guilty in July 2009; in June 2011, he was sentenced to five years in prison.

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