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OK..........................Back to the Bad boys..........................
Trader, Kareem Serageldin, pleads guilty to role in banking crash
Former Credit Suisse employee convicted for mortgage fraud
In a case described by lawyers as a "tale of greed run amok", a trader
who hid a £351m loss so he could pocket a £4.5m bonus has become
the most senior City figure to be convicted for the kind of mortgage fraud
that helped precipitate the global financial crisis.
Kareem Serageldin, the former global head of Credit Suisse's structured credit trading,
deliberately inflated the value of mortgages and bonds from his Canary Wharf office
and, it was claimed, ordered two others in his team, David Higgs and Salmaan Siddiqui,
to do the same.
Serageldin's lies contributed to a £1.7bn write-down in the company's 2007 year-end
financial results, but more disastrously helped to mask the failure of the sub-prime
mortgage market which caused the collapse of the banking system.
After years of being pursued by US authorities, who eventually extradited him from the
UK to face justice, Serageldin finally pleaded guilty to conspiracy in a packed
New York City courtroom on Friday.