The Securities and Exchange Commission (SEC) charged four former investment bankers and traders at Credit Suisse Group for their "complex scheme to fraudulently overstate" the value of $3 billion in subprime bonds during the subprime credit crisis' height.

The SEC alleged that Credit Suisse’s former global head of structured credit trading Kareem Serageldin and former head of hedge trading David Higgs together with two mortgage bond traders "deliberately ignored specific market information" that indicated a sharp drop in the price of subprime bonds controlled by their unit at the bank.

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