The Message in a Crooked Broker's Reduced Sentence

Eric Butler, a former broker with Credit Suisse, had a lot to be worried about when he walked into the U.S. District Court in Brooklyn, N.Y., on Friday for sentencing. A jury had found him guilty of misleading his clients into believing they were purchasing low-risk, auction rate securities backed by student loans, with federal guarantees. Instead, the hapless clients were sold high-risk, high-commission auction rate securities backed by home mortgage assets.