David Higgs has been handed $950,000 in fines and penalties by a New York court for his part in hiding sub-prime mortgage bond losses back in 2012.
RENEE MONTAGNE, HOST:
NPR's Business News starts with more banking fines. The former Credit Suisse banker David Higgs has been handed $950,000 in fines and penalties by New York court. Higgs pled guilty to conspiracy for his part in hiding subprime mortgage bond losses, back in 2012, worth $100 million. Last year, his former boss was sentenced to two and a half years in prison in the same case. This is one of the few criminal prosecutions to come out of the 2008 financial crisis.
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