Former banker faces jail over insider trading - Emirates24|7

Former banker faces jail over insider trading

A former Credit Suisse Group investment banker convicted of leaking inside information about pending mergers was sentenced to 10 years in prison by a federal judge.

Hafiz Naseem, 37, who had worked at the bank's Global Energy Group in New York from 2006 until early 2007, was found guilty in Manhattan federal court in February of participating in a $7.5 million (Dh27.5m) trading scheme.

At trial, prosecutors said Naseem leaked confidential information about takeovers, including the $32 billion private equity buyout of power company TXU Corp, to a friend in his native Pakistan, who then traded on theillicit tips.

Naseem was convicted of insider trading and conspiracy to commit securities fraud. (Reuters)