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Broker, captured in Spain, pleads guilty

July 22, 2009 8:07:43 AM PDT
A former Wall Street broker who was captured in Spain has pleaded guilty to securities fraud in New York. Asked by a Brooklyn judge on Wednesday why he was entering the plea, Julian Tzolov replied: "I got scared."

The former broker for Credit Suisse's private banking division also pleaded guilty to bail jumping and visa fraud, among other charges. He could face up to life in prison.

Tzolov was accused of duping foreign corporate customers into believing that $1 billion in U.S. securities being bought for their accounts was backed by federally guaranteed student loans.


NEW YORK AND TRI-STATE AREA NEWS

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