Three former ICAP employees were charged by U.S. prosecutors and the interdealer broker was fined $88m as the five-year-old probe into the rigging of benchmark interest rates ensnared another financial institution.
Bloomberg reports that the brokers were charged with two counts of wire fraud and conspiracy to commit wire fraud, the U.S. Justice Department said in a statement Wednesday. ICAP, the world’s largest broker of transactions between banks, was fined $65m by the U.S. Commodity Futures Trading Commission and $22.5m by the U.K. Financial Conduct Authority, the regulators said in separate statements.
'These three men are accused of repeatedly and deliberately spreading false information to banks and investors around the world in order to fraudulently move the market and help their client fleece his counterparties', Mythili Raman, the acting assistant attorney general of the DOJ’s criminal division, said in the statement.
Seven people have been charged and four financial institutions have been fined about $2.6bn in the global probe.
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image: © Clyde Robinson