The 35-year-old Bulgarian Julian Tzolov, who is a former Wall Street broker, was charged Wednesday in the US federal court in Brooklyn, NY, with frauds for USD 1 B.

Tzolov, together with his colleague Eric Butler received higher commissions through misrepresenting the risks that securities investors were facing, while the securities were tied to subrpime mortgages.

Tzolov and the 36-year-old Butler are faced with securities fraud, wire fraud, and conspiracy charges.

Butler, who was present in the courtroom, pleaded not guilty, and was released on the colossal bail of USD 2,5 M. According to his lawyer, Butler was doing what he believed in his clients' best interest.

The Bulgarian Tzolov, however, is still wanted, and is believed to be hiding in his native country.

If found guilty, the two former brokers could be sentenced to up to 20 years in jail, and a fine of USD 5 M.

The two were dismissed by their employer, the New York investment firm Credit Suisse immediately after some irregularities were discovered in September 2007.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!