Ex-Credit Suisse Banker Gets 10 Years In Clink
More in BUSINESS NEWS
back-up- Click Here To Register For Free News E-Mail Alerts
- Report - These 3 Top Firms Could Have Gone Belly Up This Year
- Wall Street Fires Fewer In August
- Firm 'Deceased' List (Updated)
- Layoffs - The Definitive Job Loss League Table (Updated)
- No Layoffs Before Christmas - But Only Because They Can't!
- Look Who's Said To Be Mulling Over A Bid For Lehman Now
- Top Life Stories For August
- Top Firm May Need To Raise $13.3bn Capital
- Featured Recruiter - Martin Ward Anderson
- The Best Optical Illusion Ever
- Our Top 30 Stories Of All Time
- Give Me A Job - The Most Amazing Job Application Ever
- BofA, BlackRock, Credit Suisse, Jefferies, JPMorgan, Merrill, SG, UBS
- Hiring Firms In Asia-Pac, EMEA, The Americas
- 54 Recruitment Firms, Thousands Of Financial Markets Jobs
- Nein, Nein, Nein - Emergency At Troubled Firm
- Commerzbank / Dresdner - What The Smart Money Is Saying
- Naive Intern Lands £900 Bar Bill
- Top Hedge Fund Said To Have Lost $5bn
- Dresdner Bank - An Obituary
- Lehman Brothers - A Brief History
- Young City Bankers - Time To Go Back To School ?
- Allianz Sells Dresdner To Commerzbank For $14.3bn - Press Release
- Taking A Sabbatical ? Wanna Feature In A Channel 4 Documentary ?
- Breaking News - Top Firm To Be Acquired
- Troubled Firm Staff Prepare For Another Major Job Cull
- Concerns Grow That Credit Crunch May Halt Firms' Diversity Push
- You're In Trouble When They Talk About The Value Of Your HQ
- Credit Agricole, Goldman, Henderson, Lehman, Natixis, RBS
- The Latest Market News In Brief
- Featured Recruiter - Finance Professionals City
- Recruiters - What Are You Seeing Out There ?
- Job Culls, Bonus Cuts, Mergers - Welcome To Your Future
- Talk Of Palace Coup & Strategic Chaos At Top Firm
- Top Firm Says Salary & Bonus Pot Will Fall By A Third
- A Little Light Market News & Gossip
- Top Firm Mulls New Staff Incentive Scheme
- Why Would Anyone In Their Right Mind Buy Lehman Now ?
- Longest-Serving Employee League Table (Updated)
- Commerzbank / Dresdner Tie-Up Could Come As Early As This Week
- A List Of Recessions
- Richard Bove's Recent Note On Lehman Brothers
- Caption Competition (Updated)
- Top Firm Could Face Hostile Takeover Bid
- Top Firm Cuts Back On Just About Everything
- UBS Settles Hiring Spat, Top Firms Get Hammered
- Fired For Spending Too Much Time In The John!
- Staff Stay Loyal To Firms Despite Credit Crunch
- The Worst Financial Crisis Poll - The Results
Related Content
- Investigators Probing Ex-Credit Suisse Bankers (10/07/2008)
- Cazenove, Citi, Credit Suisse, Goldman, Hedge Funds (24/07/2008)
- Credit Suisse, Deutsche, Goldman & Citi Wield Job Axe (22/06/2008)
- BNP Could Buy Dresdner, Credit Suisse Boss Defends 'One Bank' (15/07/2008)
- Barclays, Credit Suisse, Deutsche, KKR, Lehman, Merrill, RBS (14/08/2008)
- BofA, BlackRock, Credit Suisse, Jefferies, JPMorgan, Merrill, SG, UBS (04/09/2008)
37-year-old Hafiz Naseem worked in Credit Suisse's Global Energy Group in New York between 2006 and early 2007. He was arrested in May last year, and found guilty in February on 28 counts of conspiracy and insider trading, distributing non-public information to a third-party for financial gain. In total, Naseem was found to have facilitated trading ahead of the announcement of 9 deals, including KKR and Texas Pacific's $32bn LBO of TXU. His insider scheme is thought to have generated around $7.8m in illegal profits.
Prosecutors alleged that, in a bid for M&A insider information, the former banker assessed the bank's computer files, searched his colleagues desks and even rifled through waste paper bins positioned near photo-copying machines. His request for leniency fell on deaf ears (Naseem has a 7-year-old daughter with cerebral palsy), as the judge sentenced him to 10 years, with no prospect of parole. Insisting that a stiff sentence was required, US District Judge Robert Patterson said: 'It (insider trading) happens too much. It's a behaviour that has to be deterred'.
Naseem's lawyer confirmed that his client would appeal, saying that: 'I think that the sentence is excessive and unnecessary'. Naseem also had to forfeit his share of his ill-gotten gains, and will face 3 years of supervisory release when he eventually completes his prison term.
Use the 'E-Mail' button immediately under the title to send this article to a friend.
