Image: Julian Tzolov
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Former Wall Street broker Julian Tzolov has pleaded guilty to federal securities fraud charges.
updated 7/22/2009 11:38:19 AM ET 2009-07-22T15:38:19

A former Wall Street broker who was captured in Spain has pleaded guilty to federal securities fraud charges.

Asked by a judge on Wednesday why he was entering the plea, Julian Tzolov replied: "I got scared."

The former broker for Credit Suisse's private banking division also pleaded guilty to bail jumping and visa fraud, among other charges. He could face up to life in prison.

Tzolov was accused of duping foreign corporate customers into believing that $1 billion in U.S. securities being bought for their accounts was backed by federally guaranteed student loans.

Tzolov disappeared on May 9 from a Manhattan home where he had been under house arrest since last year after surrendering his passport and posting a $3 million bond. An electronic monitor on his ankle had been removed.

He was arrested Saturday in Spain.

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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