Bulgarian Broker Declared Fugitive by US Government

Crime | June 6, 2009, Saturday // 09:41|  views

Julian Tzolov was arrested by FBI agents in September 2008 after arriving from Bulgaria in New York. Photo by daylife.com

Bulgarian Credit Suisse broker, Julian Tzolov, has been declared a fugitive by the US government after he escaped from his electronic tagging device.

The prosecution of Julian Tzolov, a former Credit Suisse Group broker charged with lying to clients about placing more than USD 1 B of their money in mortgage-related securities, was thrown into turmoil after the government declared him a fugitive, the US Wall Street Journal reported.

A federal US judge on Monday will decide whether to delay the start of Tzolov's trial, which was scheduled for later this month, after prosecutors told the judge Tzolov had been missing since May 9, when he violated bail conditions by leaving his New York home.

An arrest warrant for Tzolov was issued May 11 and remained under seal until Thursday, according to a letter the government sent the court Friday. "We have not been able to contact or locate Tzolov for several weeks now and have no idea where he is or what may have happened to him," said Benjamin Brafman, his lawyer.

Tzolov's location has been an issue previously. Before he was charged in September, authorities believed Tzolov had fled the country. But after the charges were brought, he returned to New York from Bulgaria in September 2008.

As part of Tzolov's bail conditions, he was restricted to his home and submitted to electronic monitoring. It is unclear how he evaded detection in allegedly fleeing. The government said it had "undertaken an extensive effort" to find him.

Another former Credit Suisse broker, Eric Butler, who is a friend of Tzolov, also was charged in the case and has pleaded not guilty. His lawyer declined to comment.

Tzolov has been charged alongside friend and colleague Eric Butler, with conspiracy, securities fraud and multiple counts of wire fraud.

On Friday, prosecutors asked a federal judge for a 60-day adjournment of the trial.


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Tags: Credit Suisse, broker, Julian Tzolov, fugitive, FBI


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