Other Citywire websites
Stay connected:

View the article online at http://citywire.co.uk/new-model-adviser/article/a644849

Three arrested over Libor fixing

by Michelle Abrego on Dec 11, 2012 at 11:44

Three arrested over Libor fixing

Three men have been arrested in connection with the investigation into the manipulation of Libor.

The Serious Fraud Office (SFO) with the assistance of the City of London Police has executed search warrants at three residential premises in Surrey and Essex.

Three men, aged 33, 41 and 47, have been arrested and taken to a London police station for interview in connection with the investigation into the manipulation of Libor.

The men are all British nationals currently living in the United Kingdom. 

In July, Barclays was fined £290 million by the Financial Services Authority’s (FSA) and US regulators over its role in the Libor manipulation scandal

Other banks have since come under the spotlight over the manipulation of Libor by US regulators and the FSA including Royal Bank of Scotland, HSBC, Deutsche Bank, Citigroup, JPMorgan Chase and UBS.

In September FSA managing director Martin Wheatley said that Libor rigging should be made a criminal offence.

3 comments so far. Why not have your say?

Green Eyed Monster

Dec 11, 2012 at 12:32

Except you will probably find that those at board level are exempt from prosecution.

Its only the foor soldiers that are the fodder.

report this

Philip Wise

Dec 11, 2012 at 12:35

I preferred it when they were fixing LIBOR - deposit rates have dropped by half a percent since the good old days

report this

Ian Lees

Dec 12, 2012 at 08:57

How is it the Board of Directors - who are as negligent as they are incompetent in running these money lending businesses i.e banks - for that IS theri business - remain free from charges criminal and negligent. Directors removed controls - removed common sense " becasue every other bank was doing it ". The fact that these were criminal activites should be considered as "Treason able offences ", - and they should be hanged ! Has the £ 290 Million pound fine paid by Barclays been paid yet ? Where is it ? It is a negotiated settlement - like Starbucks partial tax payment - or amazon ? With HSBC negotiating fines penalties in US of A - Edinburgh based TSB - currently trading as LloydsTSB ( until taken over by the Co Op, apparently " good " with " funny money ? " ) . . . consumers can be reassured that banks - are wholly and totally involved in the drug dealing industry and other criminal offences - as part of their daily strategy. Interestingly funded by customers deposits, Cash Isa's etc., and the restricted return of consumers cash by these almost international banks - almost provideing a depository service. Just try getting your money out ? i.e Nationwide and Graeme Beale .

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Long time coming: is the recovery here to stay?


Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.

Today's top headlines

More about this article:

Look up the shares

  • Royal Bank of Scotland Group PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • HSBC Bank PLC
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them
  • Deutsche Bank AG
    Register or Sign in to receive email alerts for items in your favourites whenever we write about them

Archive


Read more...

FCA bans two advisers over unsuitable Sipp advice

by Michelle Abrego on Apr 17, 2014 at 10:24

Sorry, this link is not
quite ready yet