Insider trading nets banker 10-year prison term

06/2/2008 | CNBC

A federal judge imposed a 10-year prison sentence on a former Credit Suisse investment banker who leaked inside information about pending mergers to a friend. Hafiz Naseem, 37, was convicted of insider trading and conspiracy to commit securities fraud. His friend gained about $7.5 million by trading on the insider tips, then paid kickbacks to Naseem, prosecutors said.

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