Economy

xchrom

(108,903 posts)

28. UK fraud office charges trader in manipulation of Libor benchmark rate

Tue Jun 18, 2013, 07:28 AM

Jun 2013

http://www.washingtonpost.com/business/uk-fraud-office-charges-trader-in-manipulation-of-libor-benchmark-rate/2013/06/18/01ada626-d804-11e2-b418-9dfa095e125d_story.html

LONDON — Britain’s Serious Fraud Office has charged a former trader with conspiracy to defraud in the rigging of a benchmark interest rate.

The UK’s official financial crimes investigator says Tom Hayes, a former trader at UBS and Citigroup, was charged Tuesday as part of the investigation into the manipulation of the London interbank offered rate, or LIBOR.

City of London police charged the 33-year-old with eight counts of conspiracy to defraud. Hayes specialized in products pegged to yen-dominated Libor and worked in offices in London and Tokyo.

He will appear before Westminster Magistrates’ Court at a later date.

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