Eric Butler, a former Credit Suisse broker, was convicted of conspiracy to commit securities fraud, securities fraud and conspiracy to commit wire fraud for selling millions in subprime securities by lying to clients.

Butler faces a maximum sentence of 45 years in jail when he is sentenced in October. Butler and his ex-coworker Julian Tzolov were indicted last year in the scheme.

They told clients their investment products were backed by federally-guaranteed student loans when in fact they were linked to auction-rate securities.

Tzolov pleaded guilty to conspiracy, wire fraud and securities fraud in July and testified at the trial against Butler.

Butler's lawyer said he would appeal the conviction.