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Ex-Credit Suisse trader surrenders to face charge

Former Credit Suisse trader faces conspiracy charge in NY sub-prime mortgage securities case By The Associated Press

NEW YORK (AP) ' A former Credit Suisse trader has surrendered to the FBI to face a criminal conspiracy charge accusing him of misleading investors in the sub-prime mortgage securities market.

David Higgs turned himself in Wednesday morning. He was awaiting a Manhattan court appearance to face a charge of conspiracy to falsify books and records. The name of his lawyer was not immediately known.

Others expected to be charged in the probe have not been identified publicly. Authorities said another person was expected to surrender Wednesday.

The probe centers on exaggerations brokers made about the value of subprime mortgage securities. Authorities say brokers enticed investors to pour money into the securities market for subprime mortgages by making the market sound healthy.

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Related Keywords:Sub-Prime Mortgage Probe,Conspiracy,Crime,General news,Debt and bond markets,Financial markets,Business


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