Securities: Banker Charged For Securities Fraud

The United States Federal Bureau of Investigation has arrested a Credit Suisse investment banker on charges of securities fraud. Hafiz Nazeem, 37, was picked up after telling an accomplice in Pakistan about nine transactions that the bank was working on. The Financial Times says that these transactions include Babson & Brown's acquisition of Northwestern Energy and a buy-out of TXU.

Banker Arrested in Securities Fraud Case

Nazeem worked as a junior banker on Credit Suisse's global energy team in March 2006. He is believed to have begun phoning tips to a banker in Pakistan soon after he began work. Nazeem's accomplice was able to make dozens of trades ahead of merger announcements and made more than $7 million as a result of these trades. The U.S. Securities and Exchange Commission has filed concurrent civil charges against Nazeem.