The Serious Fraud Office of Britain said on Tuesday that it had begun criminal proceedings against a former employee of the brokerage firm Tullett Prebon Group in connection with the manipulation of a global benchmark interest rate.
The New York Times reports that the prosecutor said that Noel Cryan, who worked at Tullett Prebon until last year, would face a charge of conspiracy to defraud in connection with its investigation into the manipulation of the London interbank offered rate, or Libor.
The Serious Fraud Office said the conspiracy took place from February 2009 to December 2009.
Cryan is expected to appear in Westminster Magistrates’ Court next month.
Cryan is the 13th former employee of a bank or brokerage firm to face criminal charges in Britain related to manipulation of the Libor, one of the main rates used to determine the borrowing costs for trillions of dollars in loans. The authorities in the United States have separately brought criminal charges against several of the people charged in Britain.
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