A US jury has found a former Credit Suisse investment banker guilty of insider trading related to a string of corporate takeovers.
US prosecutors accused Hafiz Naseem (37) of participating in a scheme that gained $7.5 million from leaking inside information about pending deals by calling a friend in his native Pakistan, who then traded on the unlawful tips.
Naseem was convicted of 28 counts of insider trading and one count of conspiracy to commit securities fraud. He was jailed ahead of sentencing after prosecutors argued there was a risk he would flee the country.
The crimes carry a penalty of at least 25 years in prison and deportation, although prosecutors said they believe his sentence should be about 12 to 15 years
