(Bloomberg) -- A former Credit Suisse Group AG managing director for investment banking who had pleaded guilty to lying about the value of mortgage-backed bonds in 2007, avoided time in prison after cooperating with prosecutors.

David Higgs, a 44-year-old U.K. citizen, waived extradition and voluntarily crossed the Atlantic several times to aid government lawyers, U.S. District Judge Alison Nathan said in Manhattan today. She sentenced Higgs to the time he had already served which, according to his lawyer John Brownlee, was the few hours after he turned himself in.

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