Kareem Serageldin

Kareem Serageldin (/ˈsɛrəɡɛldɪn/) (born in 1973 or 1974) is a former executive at Credit Suisse. He is notable for being the only banker in the United States to be sentenced to jail time as a result of the financial crisis of 2007–2008, a conviction resulting from manipulating bond prices to hide losses.[1][2]

Early life and education

Serageldin was born in Egypt and moved to the United States as a child.[3] He graduated from Yale University in 1994.[4]

Conviction

On February 1, 2012, the Federal Bureau of Investigation announced charges against Serageldin.[5]

On April 12, 2013, Serageldin plead guilty to fraudulently inflating the prices of asset-backed bonds which comprised subprime residential mortgage backed securities and commercial mortgage backed securities in Credit Suisse’s trading book in late 2007 and early 2008.[6]

On November 22, 2013, Serageldin was sentenced to 30 months in prison.[7] Serageldin also agreed to return $25.6 million in compensation to Credit Suisse.

On January 21, 2014, he was ordered to pay more than $1 million to settle a lawsuit by the U.S. Securities and Exchange Commission.[8][9]

References

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