Rabobank traders charged with libor rigging

Three former Rabobank traders were charged by the U.S. with engaging in a five-year scheme to manipulate benchmark interest rates as international probes of rate rigging escalate.

Bloomberg reports that Paul Robson of the U.K., Paul Thompson of Australia and Tetsuya Motomura of Japan were charged with conspiracy to commit wire fraud and bank fraud, as well as two counts of wire fraud, according to a complaint filed in Manhattan federal court. None of the men are in U.S. custody, a court official said.

From about May 2006 to January 2011, the three men and unidentified 'others' at the bank 'agreed to make false and fraudulent yen Libor submissions for the benefit of their trading positions,' according to the government.

Global fines on companies including Deutsche Bank and Royal Bank of Scotland reached $6bn in December, and authorities around the world are investigating the alleged abuse of financial benchmarks by companies that play a central role in setting them. Regulators are still examining traders at half a dozen more firms.

To access the complete Bloomberg article hit the link below:

Rabobank Ex-Traders Charged With Yen Libor Rigging

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image: © Lisamarie Babik

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