Friday, May 4, 2007 , Updated
Wall St. banker arrested for illegal profiteering on TXU buyout
A junior investment banker at Credit Suisse was arrested for illegally leaking confidential info on nine deals, including the buyout of TXU. Reportedly, Hafiz Muhammad Zubair Naseem, 37, would call a banker buddy in Pakistan and give him info before the deals were announced. The Pakistani banker would then invest in the companies for himself and for Naseem; he also shared the info with other buddies in Pakistan. When the deals were announced, the stock options they bought increased in value, for profits of more than $7.5 million.
This part is great: Naseem came by the info because his desk was near a printer where he could see documents being printed out about pending deals. The ones he's being nailed for are the Northwestern Corporation, Energy Partners, Veritas DGC, Jacuzzi Brands, Trammell Crow, Hydril Company, Caremark Rx, the John H. Harland Company, and last but not least, TXU.
Posted by T.G.
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