"Serageldin has absolutely no intention of whatsoever of fleeing"
- Ben Brandon from Credit Suisse
A former senior Credit Suisse trader Kareem Serageldin was arrested in London on Wednesday and faces extradition to the U.S. on fraud charges. Serageldin has been accused of inflating mortgage-bond values during the financial crisis. Credit Suisse discovered the wrongly-priced bonds, with the total value of $3 billion.
"Serageldin has absolutely no intention of whatsoever of fleeing," Ben Brandon from Credit Suisse said today.
"We understand that there are currently discussions in the criminal matter that may lead to a resolution of the charges against Mr. Serageldin in the near future," said Howard Fischer, a lawyer with the SEC. "This resolution may also lead to a full resolution of the SEC charges as well."
The Swiss blue-chip index SMI, a measure of the largest and most actively traded companies advanced 0.28 per cent to 6,564.49. The broader Swiss Performance Index climbed 0.29 per cent to 6,070.36.
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