After a British court approved on January 14 the extradition of former Credit Suisse trader Kareem Serageldin to the US, Home Secretary Theresa May is set to make the final decision whether to approve the move.The lawyer of Serageldin, who is wanted by the US for a fraud of over $540 million dating back to the subprime mortgage crisis, did not contest the extradition, despite his previous statements about a possible plea agreement with US authorities.
Under British law, May has the final say over extraditions to the US. She is expected to give the green light for the transfer to take place. Until the decision is made, Serageldin will remain on bail.
Serageldin, who was the Swiss bank's former global head of structured credit, is accused of artificially inflating the prices of mortgage-backed bonds between August 2007 and February 2008, when their real value was plummeting.
The case was the first successful US prosecution of employees of a major bank over wrongdoing connected to the subprime meltdown.