Banker on insider trading charges

Mr Naseem worked for Credit Suisse's US arm

An investment banker at Credit Suisse in New York has been charged with a number of offences in relation to insider trading.

Prosecutors allege that Hafiz Muhammad Zubair Naseem used his inside knowledge of upcoming takeovers to enrich himself and others by more than $7.5m (£3.8m).

Mr Naseem, 37, a Pakistani national, faces one count of conspiracy and 25 counts of securities fraud.

His lawyer has so far declined to comment.

Mr Naseem is said to have leaked information on nine takeovers or mergers.

'Access to information'

Prosecutors allege that this took place between April 2006 and February 2007, and involved the following companies: Northwestern Corporation, Energy Partners, Veritas, Jacuzzi Brands, Trammell Crow, Hydril, Caremark, John H. Harland , and TXU.

Mr Naseem worked for the Global Energy Group at Credit Suisse Securities USA.

"Because many of the subject transactions were staffed by members of the Global Energy Group, Naseem had access to information about these transactions by virtue of his membership in the Global Energy Group," said prosecutors.

Mr Naseem's co-accused have yet to be named.