A former Credit Suisse trader has been sentenced to time served for his role in a scheme to hide trading losses during the financial crisis that led to the firm taking a hefty write down.

The U.S. attorney for the Southern District of New York announced that Salmaan Siddiqui, a former vice president at Credit Suisse Group, has been sentenced to time served by U.S. district judge Paul Crotty, and to forfeit US$150,000, for his role in a scheme to hide more than $100 million in losses in a mortgage-backed securities trading.

In exchange for his cooperation, Siddiqui pled guilty to conspiracy to falsify books and records back in February 2012.

The manipulation of these bond prices contributed to Credit Suisse taking a $2.65 billion write-down to its 2007 year-end financials. The U.S. attorney indicates that about $540 million of that was due to the hidden losses in the mortgage bond trading book.