Eric Butler is a former broker at Credit Suisse who was indicted on federal fraud and conspiracy charges on September 3, 2008. Butler, along with fellow Credit Suisse broker Julian Tzolov, allegedly misled customers into believing that auction-rate securities they were investing in were backed by federally-guaranteed student loans when they were not.The New York Times: 2 Brokers Accused of Securities Fraud (September 3, 2008)

Butler was indicted on charges of conspiracy, securities fraud and wire fraud. The complaint alleges that Butler and Tzolov sold securities backed by non-guaranteed subprime mortgages and mobile home loans but told their clients the securities were backed by federally guaranteed student loans. The SEC also alleged that the pair fraudulently purchased $1 billion in securities under this pretense.The New York Times: 2 Brokers Accused of Securities Fraud (September 3, 2008)