A former senior trader at Credit Suisse, the global financial services company headquartered in Zurich, has been arrested in London on fraud charges, the BBC reported. Kareem Serageldin, a US citizen who was formerly employed with Credit Suisse in New York, would appear in court later Thursday at a hearing over his extradition to the US.
Two of his former subordinates pleaded guilty in February to charges of wire fraud and falsifying books and records. They admitted to having manipulated prices of mortgage-backed securities to cover up lossses at Serageldin's direction Credit Suisse said Serageldin and his two colleagues were dismissed from the bank in 2008.