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]

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References
  1. "Why Only One Top Banker Went to Jail for the Financial Crisis". The New York Times. May 4, 2014.
  2. Eisinger, Jesse (April 30, 2014). "The Rise of Corporate Impunity". ProPublica.
  3. Cahalan, Paul (14 April 2013). "Trader, Kareem Serageldin, pleads guilty to role in banking crash". The Independent.
  4. "Kareem Serageldin '94: 'worst day of my life'". Yale Alumni Magazine. December 1, 2013.
  5. "Manhattan U.S. Attorney and FBI Assistant Director in Charge Announce Charges Against Two Former Credit Suisse Managing Directors and Vice President for Fraudulently Inflating Subprime Mortgage-Related Bond Prices in Trading Book" (Press release). Federal Bureau of Investigation. February 1, 2012.
  6. "Former Credit Suisse Executive Pleads Guilty to Inflating the Value of Mortgage Bonds". The New York Times. April 12, 2013.
  7. "Former Credit Suisse Managing Director Sentenced In Manhattan Federal Court To 30 Months In Prison In Connection With Scheme To Hide Losses In Mortgage-Backed Securities Trading Book" (Press release).
  8. Hurtado, Patricia (January 21, 2014). "Ex-Credit Suisse CDO Chief Must Pay More Than $1 Million". Bloomberg News.
  9. "U.S. Securities and Exchange Commission, Plaintiff, v. Kareem Serageldin, David Higgs, Faisal Siddiqui and Salmaan Siddiqui, Defendants" (PDF). U.S. Securities and Exchange Commission.
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