Credit Suisse Group investment banker Hafiz Naseem may be freed from jail after a federal judge said the insider trading case against him could lead to an acquittal.
Naseem, 37, was arrested in New York May 3 and charged with leaking tips about nine deals on which Credit Suisse advised. The scheme netted one conspirator more than $7.5 million, U.S. prosecutors said.
U.S. Magistrate Judge James Francis today reversed the decision of another judge and said Naseem may be freed on a $1 million bond after Naseem's lawyer outlined the defense case. Prosecutors have until 4:45 p.m. today to decide whether to appeal, Francis said.
``Clearly a jury could look at the facts as they've been laid out in the complaint and decline to convict,'' Francis said after a bail hearing in Manhattan federal court.