Ex-Broker Set to Plead in Fraud Case

The Wall Street Journal reports that, former Credit Suisse Group broker Julian Tzolov, who returned to the U.S. last week after being a fugitive for more than a month, is expected to plead guilty Wednesday to fraud charges tied to the sale of auction-rate securities, according to people familiar with the matter.

A hearing, described as a "criminal cause for pleading," has been set for 9 a.m. Wednesday before U.S. District Judge Jack Weinstein in Brooklyn, N.Y.

Mr. Tzolov is expected to plead guilty to charges related to an alleged scheme to obtain higher commissions by selling clients higher-risk auction-rate securities backed by mortgages, when those clients wanted to buy lower-risk securities backed by student loans, according to a person familiar with the matter. It is not clear whether the expected guilty plea will be part of a deal with prosecutors.

Ex-Broker Set to Plead in Fraud Case

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Fugitive NY Broker Charged with Multiple Counts of Fraud

This article in novinite.com discusses how the collection of information about the activities, property and assets in Bulgaria owned by former former Credit Suisse Group broker Julian Tzolov has been ordered by DANS which is Bulgaria's State Agency for National Security. Tzolov was a fugitive that pursued an auction-rate securities scheme. Julian was recently caught by Spanish authorities, and is now being charged with conspiracy, securities fraud and multiple counts of wire fraud.

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