Bulgaria Launches Money Laundering Probe against Fugitive NY Broker
Bulgaria's State Agency for National Security (DANS) has been ordered the collection of information about the activities, property and assets in Bulgaria owned by former Credit Suisse Group broker Julian Tzolov.
Bulgaria-born Tzolov was declared a fugitive by US federal prosecutors in June pursuing alleged fraud involving auction-rate securities.
The probe is to check allegations of money laundering against Bulgarian Julian Tzolov and his colleague Eric Butler, both formerly of Credit Suisse Securities (USA) LLC, who have been accused of engaging in an alleged fraudulent scheme.
The two are believed to have obtained higher commissions by selling clients higher-risk auction-rate securities backed by mortgages, when those clients wanted to buy lower-risk securities backed by student loans.
Julian Tzolov was caught by Spanish authorities in the middle of July with the assistance of the Federal Bureau of Investigation, after fleeing jurisdiction.
Tzolov and Eric Butler, both formerly of Credit Suisse Securities (USA) LLC, have been charged with conspiracy, securities fraud and multiple counts of wire fraud.
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