Former Credit Suisse trader can be extradited to US, court rules

Kareem Serageldin’s fraud case will be sent to home secretary, Theresa May, who is expected to authorise extradition

The extradition of a former Credit Suisse trader to the United States to face fraud charges has been approved by Westminster magistrates court.

The case of Kareem Serageldin will be sent to the home secretary, Theresa May, who under British law has the final decision over his fate. She is expected to authorise the extradition.

Serageldin, 39, the Swiss bank’s former global head of structured credit, is accused of artificially inflating the prices of mortgage-backed bonds by £540m (£336m) between August 2007 and February 2008, when the US sub-prime housing market was collapsing and the bonds were losing value at an alarming rate.

The court heard Serageldin was facing two counts of fraud, the more serious of which carries a maximum penalty of 20 years in jail.

Under UK extradition procedures, May will announce her decision in the next four to eight weeks. Serageldin remains free on bail until then, subject to an electronically monitored curfew.

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