A former employee of the British brokerage firm Tullett Prebon Group pleaded not guilty on Friday in a criminal inquiry into the manipulation of a global benchmark interest rate.
The New York Times reports that in October, the Serious Fraud Office (SFO) of Britain charged the former employee, Noel Cryan, who worked at Tullett Prebon until 2013, with conspiracy to defraud in connection with the manipulation of the London interbank offered rate, or Libor. The SFO has said the conspiracy took place from February to December 2009.
Cryan entered his plea at a hearing at Southwark Crown Court in London on Friday.
In November, Tullett Prebon said it was facing a separate inquiry by the Financial Conduct Authority of Britain into suspected 'wash' trades by two former employees, one of whom is Cryan. Wash trades are transactions that are considered risk free and conducted simply to generate commissions.
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