Pakistani national Hafiz Muhammad Zubair Naseem allegedly provided information concerning a $45 billion TXU buyout to his former boss, a Pakistani banker. Convicted in 2008, Mr. Naseem did not profit directly from his insider knowledge, but rather received wire transfers from Pakistan worth $200,000. Prosecutors say this was his payment for passing along tips. Naseem’s crimes are thought to have started in April 2006, around the time he began a job at the New York office of Zurich-based Credit Suisse, as a member of its energy-banking team.
It is unclear how Naseem’s former boss used the information.
