A New York court has fined a former UK-based Credit Suisse trader for his role in artificially inflating bond prices.
David Higgs was spared prison, which was the fate of his boss, the BBC reports. Higgs pleaded guilty in 2012 to a conspiracy charge, was ordered to forfeit $900,000 (£530,000) to the government and pay a $50,000 fine by a judge in New York. It is one of the few US criminal prosecutions stemming from the financial crisis. Another trader with the bank, Salmaan Siddiqui, also pleaded guilty in 2012 and is due to be sentenced this month. Higgs provided "extremely substantial assistance" after agreeing to co-operate with prosecutors. Higgs's former boss Kareem Serageldin entered h...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
