Lawyers Prosecuting Credit Suisse Banker Ambivalent About Whether Or Not They're Going For A Guilty Verdict

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Former Credit Suisse investment banker Hafiz Naseem pleaded not guilty yesterday to allegations that he was "the mastermind" behind a $7 million insider-trading ring in which he leaked details about nine deals that Credit Suisse was an adviser on, including the $45 billion leveraged buyout of TXU. The prosecution's foolproof rebuttal? Naseem had a gambling problem, and was up to his toes in $5,000 of debt, which is totally a plausible reason for committing a $7 million felony. Geniuses. (A lawyer for Naseem has denied these accusations as well, saying that while the $5,000 debt part of the story is true, the gambling part is not. It was a heroin thing, and was taken care of in a completely legal fashion.)
Credit Suisse Case Shocker [NYP]

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