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US prosecutors charged a former Pakistani banker with securities fraud on Tuesday, saying he made nearly $8 million in illegal profits after getting insider information on pending merger deals from a former Credit Suisse investment banker.
Ajaz Rahim, 44, who was country head of investment banking at Faysal Bank in Karachi, faces one conspiracy charge and 25 counts of securities fraud, according to the federal complaint.
From April 2006 through about February 2007, Rahim received non-public information from Naseem about nine Credit Suisse client merger deals and bought securities, netting over $7.5 million in illegal profits, the government charged.
"A warrant has been issued for his arrest and we're going to seek to execute the warrant," a spokeswoman for the US Attorney's office said of Rahim. She would not say whether the warrant was issued in the United States or Pakistan.
Prosecutors accused Rahim of trading on inside information about acquisitions including North-western Corp, Energy Partners Ltd, Veritas DGC, Jacuzzi Brands, Trammell Crow Co, Hydril Company, Caremark RX, John H. Harland Co, and TXU Corp.
On the conspiracy charge, Rahim could face a maximum of five years in prison. Each of the securities fraud charges carry a maximum sentence of 20 years in prison and fines. Earlier this month, the US Securities and Exchange Commission also charged Rahim with insider trading.

Copyright Reuters, 2007

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