That's easy, say federal prosecutors. Any bank staffer being targeted by them for criminal activity in the markets clearly isn't so much missing as fleeing. Particularly, if said staffer happens to be the following Bulgarian-born, former Credit Suisse employee who, they suspect, may have chosen this key moment to pop back into his native land for what they augur could be permanent vacation. So, what chances do foreign prosecutors have of nabbing him?

Federal prosecutors suspect that a Wall Street broker who is the target of a criminal investigation into sales of mortgage-related securities has left the U.S. and could have fled to his native Bulgaria, according to people familiar with the case.

The move comes as prosecutors prepare to bring criminal charges in a high-profile probe into the activities of two former Credit Suisse brokers, the people say. Authorities have been investigating whether the brokers -- Eric Butler and Julian Tzolov, who is Bulgarian-born -- lied to investors about how they placed their money in so-called "auction rate" securities tied to subprime mortgages, the people say.

Kenneth Breen, a lawyer for Mr. Tzolov, and Paul Weinstein, a lawyer for Mr. Butler, declined to comment, as did a spokesman for the U.S. attorney's office for New York's Eastern District in Brooklyn, which is handling the case.

Credit Suisse said in a statement that the brokers were suspended last year as soon as the firm "detected their prohibited activity," and that it notified regulators.

The investigation is the first known criminal matter stemming from the now-collapsed market for auction-rate securities. This type of debt soared in popularity in recent years because of its unique structure: It let issuers borrow for the long term, but at lower, short-term interest rates. The interest rates reset at periodic auctions, thus the name.

However, this market -- which once topped $330 billion -- seized up in February, leaving thousands of investors stuck with securities that they now can't sell. This has forced many bond issuers, such as state and local governments, to refinance such debts, often at higher rates and after paying extra fees. The investigation is being widely watched by Wall Street firms, which are facing civil claims and regulatory probes about whether they adequately disclosed the risks in these auctions.

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