LIBOR Investigation Fallout Continues, Three Ex-Barclays Employees to Face Charges
- The Serious Fraud Office has announced that criminal proceedings have commenced today against three former employees at Barclays Bank for allegedly conspiring to commit fraud for a period of over two years.
The British Serious Fraud Office (SFO) announced that criminal proceedings have commenced today against three former employees at Barclays Bank Plc, as a result of its still ongoing investigation regarding the London Interbank Offered Rate (Libor Libor Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Read this Term).
Two former rate submitters, Peter Charles Johnson and Jonathan James Mathew, along with a former trader Stylianos Contogoulas, will be charged in connection with the manipulation of LIBOR while they were working for Barclays. According to the SFO, they allegedly conspired to commit fraud for a period of over two years, from June 1, 2005 to August 31, 2007.
The SFO is the U.K. government's department responsible for investigating and prosecuting serious and complex fraud, bribery and corruption. The office has been on the LIBOR case since July 6, 2012, and has already brought charges against three other former banks employees related to this investigation.
Major financial institutions have already been ordered to pay fines in excess of $3.5 billion by international regulators, as a result of the investigations into attempted manipulation of the LIBOR rates for U.S. dollar, yen and sterling, and for attempted manipulation of the Euro Interbank Offered Rate (Euribor).
Meanwhile, an unrelated new scandal involving institutional FX dealers colluding in chat groups with names such as ”The Cartel” and “The Bandits’ Club,” has led to another round of global investigations by regulators against major banks.
The British Serious Fraud Office (SFO) announced that criminal proceedings have commenced today against three former employees at Barclays Bank Plc, as a result of its still ongoing investigation regarding the London Interbank Offered Rate (Libor Libor Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Libor stands for London Inter-bank offered rate. It is an industry-specific term which most of us would never have heard of until the "Libor scandal" became popularized in 2012. Libor is considered to be one of the most important interest rates in finance, upon which trillions of financial contracts rest. The Libor rate effects over $800,000,000,000,000 in financial deals. Banks simply cannot lend money to one another whenever they like as there is a system in place. Every day a group of leading Read this Term).
Two former rate submitters, Peter Charles Johnson and Jonathan James Mathew, along with a former trader Stylianos Contogoulas, will be charged in connection with the manipulation of LIBOR while they were working for Barclays. According to the SFO, they allegedly conspired to commit fraud for a period of over two years, from June 1, 2005 to August 31, 2007.
The SFO is the U.K. government's department responsible for investigating and prosecuting serious and complex fraud, bribery and corruption. The office has been on the LIBOR case since July 6, 2012, and has already brought charges against three other former banks employees related to this investigation.
Major financial institutions have already been ordered to pay fines in excess of $3.5 billion by international regulators, as a result of the investigations into attempted manipulation of the LIBOR rates for U.S. dollar, yen and sterling, and for attempted manipulation of the Euro Interbank Offered Rate (Euribor).
Meanwhile, an unrelated new scandal involving institutional FX dealers colluding in chat groups with names such as ”The Cartel” and “The Bandits’ Club,” has led to another round of global investigations by regulators against major banks.