A former employee of the British brokerage firm Tullett Prebon Group made his first appearance in a London court on Tuesday in a criminal inquiry into the manipulation of a global benchmark interest rate, and he was released on bail.
The New York Times reports that in October, the Serious Fraud Office of Britain charged the former employee, Noel Cryan, who worked at Tullett Prebon until last year, with conspiracy to defraud in connection with the manipulation of the London interbank offered rate, or Libor. The fraud office said the conspiracy took place from February to December 2009.
Cryan did not speak during the hearing in Westminster Magistrates’ Court on Tuesday, other than to confirm his identity to the court, nor did he enter a plea.
Cryan was ordered to surrender his passport and was released on bail, but he was not ordered to put up a cash surety to secure his release. He is expected back in court on December 5.
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