June 11, 2008	Wednesday	Jamadi-us-Sani 06, 1429

NEW YORK, June 10: Former investment banker Hafiz Mohammed Zubair Naseem convicted of passing insider information, asked a US appeals court on Tuesday to review his conviction and prison sentence.

Lawyers for Hafiz Naseem have filed a notice indicating they plan to take his case to the Second US Circuit Court of Appeals in Manhattan.

Naseem was sentenced on May 30 to prison and three years’ probation following his conviction on charges of obtaining information about pending mergers and acquisitions from JP Morgan Chase and Credit Suisse Group.

The jury, which handed down its verdict in February, found that Naseem passed information to Aijaz Rahim, former head of investment banking for Faysal Bank Ltd, Karachi. Prosecutors said Rahim, who has not been apprehended, used the information to make trade that netted $7.8 million in profits. Michael Bachner, the lawyer representing Naseem, said one reason for appealing the conviction was that Naseem faced “double jeopardy” -- meaning two trials. The first attempt to try Naseem's case ended in a mistrial after a person described in court papers as a friend of Naseem spoke with a juror.

If the appeals court rules in Naseem's favour on the double jeopardy grounds, he would be freed and the government would not have the option of putting him on trial again.