Kareem Serageldin, the ex-global head of Credit Suisse Group AG's structured credit trading business, pleaded guilty to conspiracy, saying that when he discovered subordinates falsifying the value of mortgage-backed bonds in late 2007, he joined the scheme rather than trying to stop it, Bloomberg News reported on Friday. Serageldin pleaded guilty today to a single count of conspiracy to falsify Credit Suisse’s books and records, which carries a maximum prison sentence of five years. Serageldin is scheduled to be sentenced Aug. 2. Under a plea agreement with the government, Serageldin agreed to forfeit $1 million as proceeds of the crime.
