Ex-Credit Suisse exec pleads not guilty in NYC

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Associated Press

Posted on April 5, 2013 at 4:30 PM

Updated Friday, Apr 5 at 5:00 PM

NEW YORK (AP) — A former Credit Suisse executive has pleaded not guilty to fraud charges in New York City after his extradition from the United Kingdom.

U.S. citizen and London resident Kareem Serageldin (sehr-uh-GEHL'-din) entered the plea in federal court in Manhattan on Friday. He was released on $1.5 million bail. His lawyer has declined to comment.

Serageldin is accused of distorting the value of mortgage securities in 2007. Prosecutors say he and others took actions that contributed to a $2.7 billion write-down in Credit Suisse's 2007 year-end financial results.

Last year, a New York grand jury indicted him on charges of conspiracy, false record-keeping and wire fraud. Two other people in the case have pleaded guilty to conspiracy and agreed to cooperate. A British court approved extradition in January.

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