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Ex-Credit Suisse exec gets prison time in NY case

NEW YORK (AP) – A former Credit Suisse executive who pleaded guilty to conspiracy has been sentenced in New York City to 2 1/2 years in prison following his extradition from the United Kingdom.

U.S. citizen and London resident Kareem Serageldin (sehr-uh-GEHL’-din) was sentenced Friday in federal court in Manhattan.

Serageldin was 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.

A New York grand jury indicted him last year on charges of conspiracy, false record-keeping and wire fraud. He pleaded guilty in April to a count of conspiracy to falsify books and records.

Two others have pleaded guilty to conspiracy and agreed to cooperate. A British court approved extradition in January.

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