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Sat Feb 4, 2012, 06:39 PM

FINALLY! 2 bank Execs plead guilty to fraud. [View all]

No, not CEOs, but it is a start. Maybe they will rat out the higher ups?

Mired in legal trouble, two former Credit Suisse executives plead guilty to charges of inflating prices of subprime mortgage-backed securities in the midst of the housing crisis.

David Higgs and Salmaan Siddiqui each agreed Wednesday to one count of conspiracy to falsify books and records and commit wire fraud. Higgs and Siddiqui formerly served as a managing director and vice president, respectively, at Credit Suisse.

Higgs and Siddiqui face a maximum five years in prison and a fine the greater of $250,000 or twice the gross gain or loss from the alleged offense. The two are cooperating with the investigation.

The U.S. Attorney for Manhattan Preet Bharara and the FBI also charged Kareem Serageldin, Credit Suisse's former global head of structured credit trading.
http://www.housingwire.com/article/ex-credit-suisse-bond-players-plead-guilty-mbs-fraud

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Reply FINALLY! 2 bank Execs plead guilty to fraud. [View all]
dixiegrrrrl Feb 2012 OP
jpak Feb 2012 #1
L0oniX Feb 2012 #2
dixiegrrrrl Feb 2012 #3
sarcasmo Feb 2012 #4
jillan Feb 2012 #5
xchrom Feb 2012 #6