former credit suisse trader faces extradition to us
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Former Credit Suisse trader faces extradition to US

Arab Today, arab today

Arab Today, arab today Former Credit Suisse trader faces extradition to US

London - AFP

A former Credit Suisse trader accused of inflating subprime mortgage-related bond prices faces extradition to the United States after being arrested in Britain, police said on Thursday. Officers from the Metropolitan Police Service's Extradition Unit arrested Kareem Serageldin, 39, on Wednesday in connection with the alleged $540 million (419 million euros) fraud. He was taken into police custody and extradition proceedings will commence at London's Westminster Magistrates' Court later Thursday, Scotland Yard said. Serageldin, a US citizen, is the former head of Credit Suisse's structuring products group. The Financial Times reported that he was arrested outside the US consulate in London and was expected to be returned to the US later this week. US authorities charged Serageldin and two other former employees from the bank's US trading desk in February with manipulating the value of certain mortgage securities to inflate their bonuses. David Higgs and Salmaan Siddiqui, who worked under Serageldin in the investment banking division of the Swiss bank, pleaded guilty in a New York court in February to one count of conspiracy to falsify books and records and commit wire fraud. Each face a maximum sentence of five years in prison and a fine of at least $250,000. The defendants were charged with jacking up the prices of asset-backed bonds, which comprised subprime residential mortgage-backed securities (RMBS) and commercial mortgage-backed securities (CMBS) in Credit Suisse's accounts. Serageldin, Higgs and Siddiqui were able to secure significant year-end bonuses for themselves through the alleged fraud since bonus amounts were largely based on trading books' profitability, officials said. "While the residential housing market was in free fall, and shock waves were reverberating throughout the economy, these defendants decided they were above the rules of the market and above the law," said Preet Bharara, the Manhattan US attorney general. The fraud allegedly took place between late 2007 and early 2008, as the collapsing US housing bubble sent millions of home mortgages into default and wiped off hundreds of billions of dollars in value from mortgage backed securities widely held by banks and other institutional investors.  In March 2008 Credit Suisse announced if was restating its 2007 year-end earnings with a $2.65 billion write-down, a large portion of it related to the fraud.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

former credit suisse trader faces extradition to us former credit suisse trader faces extradition to us

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

former credit suisse trader faces extradition to us former credit suisse trader faces extradition to us

 



GMT 14:45 2017 Sunday ,03 December

Saudi banks prepare for riyal coins

GMT 20:36 2017 Sunday ,15 October

Jewish settlers storm Al Aqsa mosque compound

GMT 04:06 2017 Wednesday ,09 August

PTI Leader Gunned Down in Karachi

GMT 22:40 2017 Thursday ,08 June

6m Yemenis on verge of starvation

GMT 15:00 2017 Sunday ,19 February

Hana El Zahed tells her career's story

GMT 13:13 2017 Thursday ,30 March

Teach your children to love the arts

GMT 10:24 2015 Thursday ,04 June

Central bank: Too early to say Russia crisis over
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2025 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday