This morning we read that three former ICAP Plc (IAP) employees were charged in a scheme “to manipulate Libor as the interdealer broker was fined $88 million in a five-year international probe of rigging of benchmark interest rates.”
The Bloomberg article went on to say, “the brokers were charged with two counts of wire fraud and one count of conspiracy to commit wire fraud for allegedly colluding with traders at UBS AG (UBSN) to manipulate yen libor, according to a complaint unsealed today in Manhattan federal court. London-based ICAP, the world’s largest broker of transactions between banks, was fined $65 million by the U.S. Commodity Futures Trading Commission and 14 million pounds ($22.5 million) by the U.K. Financial Conduct Authority, the regulators said today.”
To read the full article “EX-ICAP Brokers Charged in Libor Scheme as Company Fined” click here
