Brokers conspired with UBS, HSBC traders, Serious Fraud Office says


Two former RP Martin brokers charged over manipulation of the London interbank offered rate conspired with employees at UBS, Tullett Prebon, Rabobank and HSBC, U.K. prosecutors alleged in court papers.

Bloomberg Law reports that Terry Farr, 41, and James Gilmour, 48, were charged with conspiring with employees of the firms and Tom Hayes, a former UBS trader in Tokyo who was arrested with the two men in December, over a three-year period.

Farr was also charged with conspiring to rig yen Libor after Hayes had left UBS and was working for Citigroup, from the end of 2009 until September 2010.

Farr and Gilmour appeared Friday in Westminster Magistrates’ Court for the first time after being charged at a police station earlier last week. The two men had their case transferred to Southwark Crown Court in London for a July 30 hearing. They were told by the judge not to contact each other, or Hayes.

The two men were charged with 'dishonestly seeking to manipulate the yen Libor and other interbank offered rates', with 'the intention that the economic interests of others would be prejudiced and/or to make personal gain for themselves or another', the U.K.’s Serious Fraud Office said in an indictment.

Hit the link below to access the complete Bloomberg article:

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