Ex-banker Naseem jury to resume discussions Monday

Fri Feb 1, 2008 10:58pm GMT
 
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NEW YORK, Feb 1 (Reuters) - A federal jury deciding the fate of a former Credit Suisse Group (CSGN.VX: Quote, Profile, Research) investment banker accused of insider trading will continue deliberations next week after it failed to reach agreement late Friday.

Hafiz Naseem, 37, who worked in Credit Suisse's Global Energy Group from 2006 until early last year, is charged with criminal conspiracy and securities fraud.

A jury of eight women and four men has been deliberating since closing arguments on Thursday after a two-week trial in Manhattan federal court.

U.S. District Judge Robert Patterson told the jurors to come back on Monday and try to "take a fresh look" after they told him they were not in agreement, with one of the jurors who would not change his or her mind.

The trial before Patterson follows a mistrial in the case in December, when a different judge found in the trial's second day that jurors had failed to follow instructions.

Prosecutors say Naseem fed nonpublic, material information on pending transactions to Ajaz Rahim, a former head of the investment banking group at Faysal Bank Ltd (FYBL.KA: Quote, Profile, Research) in Pakistan.

Among those deals, prosecutors contend, was the $32 billion private equity buyout of power company TXU Corp.

An arrest warrant is pending against Rahim, who is fighting extradition from Pakistan and is not on trial.

If convicted, Naseem could face at least 25 years in prison and deportation.  Continued...

 
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