Former UBS / Citi Trader Said Arrested Over LIBOR

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A former UBS and Citigroup trader was arrested by the Serious Fraud Office and City of London Police today, said the people, who asked not to be identified citing the continuing investigation.

Bloomberg reports that the two other men arrested worked at brokerage firm RP Martin Holdings Ltd., according to one of the people and a third person familiar with the investigation, who also requested anonymity.

The three men, ranging in age from 33 to 47, are all British nationals living in the U.K. and were taken to a London police station for questioning, the SFO said in an e-mailed statement.

Global authorities are investigating claims that more than a dozen banks altered submissions used to set benchmarks such as Libor to profit from bets on interest-rate derivatives or make the lenders’ finances appear healthier. Swiss lender UBS (UBSN) is expected to face a fine as early as this week that may surpass the record $466.6m paid in June by Barclays Plc, the U.K.’s second-biggest bank, to settle claims it attempted to manipulate Libor.

The agency and police also searched three homes in Surrey and Essex. Arrests in the U.K. are made early in investigations, allowing people, who may not be charged, to be questioned under caution.

Hit the link below to access the complete Bloomberg article:

U.K. Fraud Agency Makes First Arrests Over Libor-Rigging

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