U.S. Banker Arrested On Fraud Charges In London

Sep 27, 2012
Originally published on September 27, 2012 6:44 am
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STEVE INSKEEP, HOST:

NPR's business news starts with a white collar arrest.

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INSKEEP: An American banker accused of hiding mortgage security losses during the financial crisis was arrested in London yesterday and is facing extradition to the United States.

Kareem Serageldin, a former senior trader for Credit Suisse is the highest level Wall Street executive to be charged in a case related to the 2008 financial meltdown. Prosecutors say Serageldin masterminded a scheme to boost bonuses by falsifying trading records worth hundreds of millions of dollars. Transcript provided by NPR, Copyright NPR.