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Wednesday 25 May 2016

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Ex-Credit Suisse exec pleads guilty

Published 13/04/2013

Former Credit Suisse executive Kareem Serageldin (AP/Matt Dunham)
Former Credit Suisse executive Kareem Serageldin (AP/Matt Dunham)

A former Credit Suisse executive extradited to the US from Britain has pleaded guilty to conspiracy.

US citizen Kareem Serageldin, who was living in London, entered the plea in federal court In New York City.

Serageldin was accused of distorting the value of mortgage securities in 2007. Prosecutors said he and others took actions that contributed to a 2.7 billion-dollar (£1.7 billion) writedown in Credit Suisse's 2007 year-end financial results.

Last year a grand jury indicted him on charges of conspiracy, false record-keeping and wire fraud.

He pleaded guilty to a single count of conspiracy to falsify books and records and will be. sentenced on August 2.

Two other people in the case have pleaded guilty to conspiracy and agreed to co-operate.

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