Federal prosecutors and regulators on Wednesday accused two former Wall Street brokers of defrauding customers by making more than $1 billion in unauthorized purchases of securities tied to subprime mortgages. The two former Credit Suisse Securities brokers were charged in federal court with deceiving customers in a bid to pump up their sales commissions. The Securities and Exchange Commission has filed a related civil lawsuit against the two former brokers in New York federal court.
Two Brokers Accused of $1 Billion Subprime Fraud
The Associated Press
September 4, 2008