The Serious Fraud Office (SFO) recently announced that it has issued criminal proceedings against three US-based former traders at Barclays Bank Plc. for conspiracy to defraud, in connection with its investigation into the manipulation of LIBOR.
The London Interbank Offered Rate (LIBOR) indicates the interest rate that banks charge when lending to each other. It is based on estimates submitted by some of the biggest banks around the world and is fundamental to the operation of both UK and international financial markets.
Regulators such as the Financial Conduct Authority have been investigating allegations that some contributors have acted dishonestly in an attempt to profit from LIBOR, and the SFO, which is responsible for investigating and prosecuting serious and complex fraud and corruption, formally began its own investigation into the matter in July 2012.
The charges against the three men, who are currently reported to be in the United States, relate to alleged manipulation of the US dollar-denominated Libor rate, the Guardian reports. Their next court appearance is expected to be around the end of July.
According to the BBC, these latest proceedings bring the total number of charges brought by the SFO in relation to LIBOR to twelve.
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This blog post is intended as a news item only - no connection between Lewis Nedas and the parties concerned is intended or implied.
