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Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Wednesday, May 30, 2007

Pakistani Banker Charged in Insider Trading Scheme

Prosecutors charged Ajaz Rahim, the country head of investment banking at Faysal Bank Limited, a Pakistan investment bank, with insider trading.  The government alleges that Rahim received tips about nine deals, including the takeover of TXU, from Hafiz Muhammed Zubair Naseem, a Credit Suisse energy analyst, from April 2006 through February 2007, for a total profit of $7.5 million.  The government has previously charged Naseem.  The SEC has also named both Rahim and Naseem in a civil complaint.  See NYTimes, Prosecutors Accuse Banker of Fraud and Conspiracy; WSJ, Pakistani Banker Charged.

http://lawprofessors.typepad.com/securities/2007/05/pakistani_banke.html

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