Michael Curtler, a former senior trader at Deutsche Bank, admitted to conspiring to manipulate benchmark interest rates as the U.S. investigation into the rigging of Libor spreads to bankers at the lender for the first time.
Bloomberg News reports that the U.S. Justice Department and other agencies have already won a $2.5bn settlement with Deutsche Bank over the manipulation of the London interbank offered rate. The Justice Department is now pressing to hold individual bankers accountable.
Curtler, 43, a U.K. citizen who worked on Deutsche Bank’s U.S. dollar cash desk, pleaded guilty Thursday in Manhattan federal court to a charge of conspiring to commit wire and bank fraud in connection with the Libor-rigging scheme. He’s scheduled to be sentenced on January 19 and faces a maximum prison term of 30 years.
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