NEW YORK ? A former Credit Suisse trader pleaded guilty Wednesday and signed a cooperation agreement in a federal probe that accused him of misleading investors in the sub-prime mortgage securities market.
David Higgs pleaded guilty in Manhattan to a charge of is conspiracy to falsify books and records and commit wire fraud, which carries a potential maximum sentence of five years in prison.
"Today is a terribly difficult day for me and my family. I am truly sorry," said Higgs. The defendant said he falsified records to enhance his job performance, which resulted in higher bonuses.
Others expected to be charged in the probe ? which focuses on activities in 2007 and 2008 ? have not been identified publicly. Authorities say another person is expected to surrender Wednesday.
The probe centers on exaggerations brokers made about the value of subprime mortgage securities. Authorities say brokers enticed investors to pour money into the securities market for subprime mortgages by making the market sound healthy.
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