Serageldin, who had been extradited from the UK in April, had pled guilty to the charges. At the time of his February 2012 indictment, authorities said he faced up to 45 years in prison if convicted. Preet Bharara, the U.S. Attorney for the Southern District of New York, announced the sentencing late Friday evening.
According to the statement from Bharara's office last year, Serageldin's manipulated the prices of the mortgage bonds to try to cover up the trading loss. His price manipulation, it said, was responsible for $540 million of the $2.85 billion charge that Credit Suisse ( was forced to take in early 2008. )
|Regulators pave way for Internet "fast lane" with net neutrality rules|
|Apple shares soar on increased buyback|
|Premarkets: Buoyed by Apple, Facebook earnings|
|What stumps Warren Buffett? Minimum wage|
|Female gun instructors in hot demand|