A former Credit Suisse broker should take a second look at the “favorable” ruling he won on appeal lest it turns into a “Pyrrhic victory,” Eastern District Judge Jack B. Weinstein suggested in an order Friday. Two days earlier, the U.S. Court of Appeals for the Second Circuit had thrown out on venue grounds one of three counts upon which the broker, Eric Butler, had been convicted for a $1 billion securities fraud.
The circuit ruled in United States v. Butler, 08-cr-2011, that the fact that Mr. Butler had often flown out of John F. Kennedy International Airport to meet investors was insufficient to establish venue in the Eastern District over the single securities fraud count that went to the jury. However, the appeals court found grounds for venue in the Eastern District over the two remaining conspiracy counts because the trips out of the Queens airport were “overt acts” in furtherance of the conspiracy.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
