Ex-Credit Suisse exec pleads guilty in NYC

AP News
Posted: Apr 12, 2013 6:58 PM

NEW YORK (AP) — A former Credit Suisse executive has pleaded guilty to conspiracy in New York City after his extradition from the United Kingdom.

U.S. citizen and London resident Kareem Serageldin (sehr-uh-GEHL'-din) entered the plea Friday in federal court in Manhattan.

Serageldin was accused of distorting the value of mortgage securities in 2007. Prosecutors said he and others took actions that contributed to a $2.7 billion write-down in Credit Suisse's 2007 year-end financial results.

Last year, a New York grand jury indicted him on charges of conspiracy, false record-keeping and wire fraud. He pleaded guilty to a single count of conspiracy to falsify books and records. Sentencing was set for Aug. 2.

Two other people in the case have pleaded guilty to conspiracy and agreed to cooperate. A British court approved extradition in January.