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NEW YORK, Feb. 5 (UPI) -- A former banker has been convicted of 28 counts of insider trading in a Federal District Court in New York.
Hafiz Muhammad Zubair Naseem was also convicted of one count of conspiracy in the case in which prosecutors say Naseem, while working at Credit Suisse in New York, fed confidential information to his former boss in Pakistan about upcoming mergers.
The evidence included phone records and dozens of e-mail messages, The New York Times reported Tuesday. In one e-mail message, Naseem wrote to his former boss, Ajaz Rahim, a banker in Pakistan, "Let the fun begin," the report said.
The jury deliberated three days before returning its guilty verdict. Naseem could be sentenced to 25 years in prison.
Prosecutors said the insider trading schemes were potentially worth $7.5 billion. One of the deals Naseem allegedly profited from was the $45 billion buyout of TXU, the Times' report said.
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