Ex-Credit Suisse banker pleads not guilty to fraud charges, posts $1.5M bail

Kareem Serageldin, a former executive with Credit Suisse, appears on Jan. 14, 2013, outside a courthouse in London. Andrew Cowie/AFP/Getty Images

NEW YORK A former Credit Suisse executive has pleaded not guilty to fraud charges in New York City after his extradition from the United Kingdom.

U.S. citizen and London resident Kareem Serageldin (sehr-uh-GEHL'-din) entered the plea in federal court in Manhattan on Friday. He was released on $1.5 million bail. His lawyer has declined to comment.

Serageldin is accused of distorting the value of mortgage securities in 2007. Prosecutors say he and others took actions that contributed to a $2.7 billion write-down in Credit Suisse's 2007 year-end financial results.

Last year, a New York grand jury indicted him on charges of conspiracy, false record-keeping and wire fraud. Two other people in the case have pleaded guilty to conspiracy and agreed to cooperate. A British court approved extradition in January.

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