Here is an extract from a BBC article relating to the latest Credit Crunch era fraudsters to get busted and be sent down.

A former Credit Suisse banker has been found guilty of fraud after deceiving investors into buying risky investments that led to $1bn (£610m) of losses.

A jury in New York needed less than a day’s deliberation to find against Eric Butler. His co-defendant, Julian Tzolov, had already pleaded guilty.

The two sold high-risk US sub-prime investments to people who were told they were buying much safer products.

They did this as it meant they received much higher commissions.

Ok so having read that, what exactly are they guilty of compared to say virtually every investment bank that dealt in sub-prime MBS???

AAA

Our colleagues at SolicitR will no doubt be able to answer that but, seems to us like these fellows should have ensured they had in place that favorite of politicians/banks, deniability. We didn’t intend to deceive – rating agencies triple A, market perception bla bla bla