Kareem Serageldin, the ex-global head of Credit Suisse’s structured credit trading business, was sentenced to 2 1/2 years in prison for his part in a scheme to falsify the value of mortgage-backed bonds in 2007.
Bloomberg reports that U.S. District Judge Alvin Hellerstein, who presided over the case, also ordered Serageldin to pay a $150,000 fine and perform community service for two years after he’s released from prison.
The judge rejected a bid by Serageldin’s lawyers for a term of no prison time, saying he had to impose a term that would reflect the seriousness of the offence.
Serageldin pleaded guilty in April to a single count of conspiracy to falsify Credit Suisse’s books and records, which carried a maximum prison sentence of five years. Under federal sentencing guidelines, which aren’t binding on the court, Serageldin could have received a term of four years and nine months to five years.
Before the sentence was imposed, Serageldin and his mother asked the court for leniency.
'I am sorry for what I’ve done and my mistakes will be with me for the rest of my life', he said. 'I failed miserably in the decisions I made'.
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