Eric Butler, one of the two former Credit Suisse brokers accused of masterminding a $1 billion securities fraud scheme, was convicted by a federal jury yesterday. (His partner-in-crime, Julian Tzolov, decided to head off to sunny Spain rather than face charges, but has since been caught.) It took jurors just three hours to come down with a verdict for Butler. So quick? "Prosecutors introduced photos of the high-living chums partying in Miami and Europe." Oh, yes, that must have helped. [NYDN, previously]

• Federal prosecutors are investigating two ex-Credit Suisse brokers, Eric Butler and Julian Tzolov, over whether they lied to clients about their investments in auction rate securities. [WSJ]