A former Rabobank senior trader pleaded guilty in New York to conspiring to manipulate a benchmark interest rate tied to trillions of dollars of securities to benefit his trading positions, the U.S. said.
Bloomberg news reports that Paul Robson, who worked at Rabobank’s London office and made the bank’s yen Libor submissions, pleaded guilty to a single conspiracy count in Manhattan federal court on Monday, the Justice Department said in a statement. The ex-trader is scheduled to be sentenced in 2017, the U.S. said.
'Robson and his co-conspirators rigged the markets to ensure that their trades made money,' Assistant Attorney General Leslie Caldwell said in the statement. 'The scope of the fraud was massive, but the scheme was simple.'
Investigators in Europe, the U.S. and Asia have been probing allegations that traders at the world’s biggest banks manipulated the London interbank offered rate and similar benchmarks by making false submissions.
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