NPR logo

U.S. Banker Arrested On Fraud Charges In London

  • Download
  • <iframe src="https://www.npr.org/player/embed/161863455/161863450" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript
U.S. Banker Arrested On Fraud Charges In London

Business

U.S. Banker Arrested On Fraud Charges In London

U.S. Banker Arrested On Fraud Charges In London

  • Download
  • <iframe src="https://www.npr.org/player/embed/161863455/161863450" width="100%" height="290" frameborder="0" scrolling="no" title="NPR embedded audio player">
  • Transcript

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.

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. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by Verb8tm, Inc., an NPR contractor, and produced using a proprietary transcription process developed with NPR. This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary. The authoritative record of NPR’s programming is the audio record.

We no longer support commenting on NPR.org stories, but you can find us every day on Facebook, Twitter, email, and many other platforms. Learn more or contact us.