Former Credit Suisse trader Kareem Serageldin expects to reach a plea agreement with the U.S. government over allegations of a $3 billion fraud involving subprime mortgage bonds, a British court heard on Wednesday. He is the most senior banker charged in a scandal dating back to 2007, in which mortgage-backed securities traders were caught trying to cover up losses on their books, prosecutors say.
Serageldin, 39, appeared at Westminster Magistrates' Court for a short hearing as part of extradition proceedings. The case was adjourned until January 14 next year. The U.S. has been seeking his extradition since his arrest in Britain two months ago. The Egyptian-born Serageldin, former global head of structure credit trading for Credit Suisse, spoke only to confirm his age and name in court on Wednesday. He is free on bail pending the outcome of the extradition process.
His lawyer Ben Brandon told the court that Serageldin was in negotiations with the U.S. Department of Justice towards
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