U.S. Banker Arrested On Fraud Charges In London

Kareem Serageldin is accused of hiding mortgage security losses during the financial crisis. He faces extradition to the U.S. A former senior trader for Credit Suisse, Serageldin is the highest level Wall Street executive to be charged in a case related to the 2008 financial meltdown.

Copyright © 2012 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

STEVE INSKEEP, HOST:

NPR's business news starts with a white collar arrest.

(SOUNDBITE OF MUSIC)

INSKEEP: An American banker accused of hiding mortgage security losses during the financial crisis was arrested in London yesterday and is facing extradition to the United States.

Kareem Serageldin, a former senior trader for Credit Suisse is the highest level Wall Street executive to be charged in a case related to the 2008 financial meltdown. Prosecutors say Serageldin masterminded a scheme to boost bonuses by falsifying trading records worth hundreds of millions of dollars.

Copyright © 2012 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.