Credit Suisse banker sentenced to 30 months in prison
By Chris Isidore@CNNMoneyNovember 22, 2013: 7:56 PM ET
NEW YORK (CNNMoney)
Kareem Serageldin, the former head of structured credit at Credit Suisse, was sentenced to 30 months in prison in connection with a scheme to hide trading losses on mortgage-backed securities.
Serageldin, who had been extradited from the UK in April, had pled guilty to the charges. At the time of his February 2012 indictment, authorities said he faced up to 45 years in prison if convicted. Preet Bharara, the U.S. Attorney for the Southern District of New York, announced the sentencing late Friday evening.
According to the statement from Bharara's office last year, Serageldin's manipulated the prices of the mortgage bonds to try to cover up the trading loss. His price manipulation, it said, was responsible for $540 million of the $2.85 billion charge that Credit Suisse(CS) was forced to take in early 2008.
Serageldin's co-conspirators, David Higgs and Salmaan Siddiqui, have also pleaded guilty and are awaiting sentencing.