Securities Law Prof Blog

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

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.

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