Former Credit Suisse Investment Banker Sentenced To 10 Years In Prison For Insider Trading
New Judgements - Insider Trading
Judge Robert P. Patterson of the U.S. District Court for the Southern District of New York has sentenced Hafiz Muhammed Zubair Naseem, a former Credit Suisse investment banker, on Friday to 10 years in prison for allegedly passing inside information about nine pending mergers and acquisitions that the bank was handling. Judge Robert P. Patterson also ordered Hafiz Muhammed Zubair Naseem to forfeit $7.5 million and mandated three years of supervised release following his time behind bars.
Hafiz Naseem, who had worked at the bank’s Global Energy Group in New York from 2006 until early 2007, was found guilty in Manhattan federal court in February of participating in a $7.5 million trading scheme.
At trial, prosecutors said Naseem passed confidential information about takeovers, including the $32 billion private equity buyout of power company TXU Corp, to a friend in his native Pakistan, who then traded on the iinsider tips. Hafiz Muhammed Zu Naseem was convicted of insider trading and conspiracy to commit securities fraud.
U.S. District Judge Robert Patterson agreed, saying a heavy sentence was needed to deter future crimes. “It happens too much,” he said. “It’s a behavior that has to be deterred.” Naseem received nearly $200,000 in wire transfer payments during the course of the trading conspiracy. Naseem, who appeared calm and only shook his head slightly as the sentence was read, has been in custody since he was found guilty. Naseem was arrested in May 2007.
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The Shareholders Foundation Inc. is an organization from shareholders for shareholders. It sees its purpose in the support for suffering investors / shareholders who have participated in the stock market and have suffered from fraud, insider trading, kickback and other illegal practices within the stock market. Enron and Worldcom are just two of the major examples of major illegal activities that ended not only in bankruptcy, like in the case of Enron, but also in hundred of thousands personal and financial sufferings of private stock market investors. The Shareholders Foundation, Inc. supports all investors who have questions about their failed investments. We can help you in this difficult time of personal, in particular financial, suffering caused by illegal stock market practices, and can give you advice established thru as well personal experience within stock market investments as well as our deeper insight into the stock market. We have contacts to experts, stock market experts, colleges from universities, and specialized legal experts, who can help in isolated cases also with expert surveys, and can provide you with a guide, that shows you a way out of the crisis.
The Shareholders Foundation Inc. is an organization from shareholders for shareholders. It sees its purpose in the support for suffering investors / shareholders who have participated in the stock market and have suffered from fraud, insider trading, kickback and other illegal practices within the stock market. Enron and Worldcom are just two of the major examples of major illegal activities that ended not only in bankruptcy, like in the case of Enron, but also in hundred of thousands personal and financial sufferings of private stock market investors. The Shareholders Foundation, Inc. supports all investors who have questions about their failed investments. We can help you in this difficult time of personal, in particular financial, suffering caused by illegal stock market practices, and can give you advice established thru as well personal experience within stock market investments as well as our deeper insight into the stock market. We have contacts to experts, stock market experts, colleges from universities, and specialized legal experts, who can help in isolated cases also with expert surveys, and can provide you with a guide, that shows you a way out of the crisis.
