LONDON (AP) ? British police say they have arrested a former Credit Suisse executive on U.S. fraud charges linked to the distortion of the value of subprime mortgage securities.
U.S. authorities allege that the desire to fatten year-end bonuses motivated Kareem Serageldin to conspire to hide the deteriorating condition of the U.S. housing market.
Serageldin ? the financial company's former managing director and global head of structured credit ? has been charged with conspiracy, falsifying books and records, and wire fraud in the U.S.
Scotland Yard confirmed that Serageldin, 39, was taken into custody on Wednesday. Extradition proceedings against the U.S. citizen will begin Thursday at London's Westminster Magistrates' Court.
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