Ex-Credit Suisse Bankers Cop To Overvaluing Bonds

Law360, New York (February 1, 2012, 11:53 AM EST) -- Two former Credit Suisse Group AG investment bankers pled guilty and a third was charged Wednesday in connection with a conspiracy to overvalue mortgage-linked bonds to hide losses stemming from the subprime collapse.

David Higgs, a 42-year-old ex-managing director at Credit Suisse's London office, and Salmaan Siddiqui, a 36-year-old ex-trader in Manhattan, admitted that they conspired to overvalue bonds in a $5.35 billion trading book called ABN1 in late 2007.

The two, who each pled guilty in Manhattan to a single conspiracy charge, are cooperating with...
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