Bloomberg reports that Serageldin’s lawyer told a London court Thursday that his client’s arrest this week outside the U.S. Embassy was a result of 'miscommunication'. Ben Brandon said Serageldin was negotiating a plea bargain with U.S. prosecutors before the arrest. He was released on a $243,000 security until a November 28th court hearing.
'Serageldin has absolutely no intention of whatsoever of fleeing', Brandon said.
Serageldin, a U.S. citizen who lives in England, was charged in February with masterminding a scheme to fake collateralized debt obligations. In February, when he was first charged in Manhattan federal court, Serageldin said through his lawyers that he was surprised since he had been cooperating with U.S. investigators for four years.
Serageldin was named in an indictment unsealed in February accusing him of conspiracy, falsification of books and records and wire fraud. The conspiracy charge carries a maximum five- year prison term on conviction. The other counts are punishable by as many as 20 years. The case is being investigated by agents of the Federal Bureau of Investigation in New York.
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