By Chris Dolmetsch & Thom Weidlich
Former Credit Suisse Group AG (CSGN) broker Eric Butler is likely to receive the same five-year sentence after a federal appeals court overturned his securities-fraud conviction earlier this week, a judge said today.
The U.S. Court of Appeals in New York on June 15 overturned Butler’s securities-fraud conviction, ruling that Brooklyn was the wrong venue for the trial on the charge. The appeals court upheld Butler’s conviction on two conspiracy counts.
The appeals panel said that, because of its decision, Butler will have to be resentenced. In January 2010, U.S. District Judge Jack B. Weinstein sentenced Butler to five years in prison on each count, to be served concurrently. He has been out on bail pending his appeal.