A former Credit Suisse trader was arrested in London on Wednesday and faces extradition to the US on fraud charges involving subprime mortgage bonds worth $3bn (£1.9bn).
The arrest of Serageldin, former global head of structure credit trading for Credit Suisse, will be seen as a victory for the US, who have waited nearly eight months for the 39-year-old to return to the country, Reuters reports. US Prosecutors said Serageldin was the most senior banker charged in a scandal dating back to 2007, in which mortgage-backed securities traders were caught trying to cover up $540 million in losses on their books. Reuters reported that a spokeswoman for Serageldin's lawyer, Sean Casey of Kobre & Kim in New York, declined to comment. Earlier this year US pro...
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