Former Barclays bankers charged in Libor inquiry
Three former Barclays bankers have been charged "in connection with the manipulation of Libor" interest rates, the Serious Fraud Office said.
The SFO alleges the three – Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas – "conspired to defraud between 1 June 2005 and 31 August 2007".
They will appear at Westminster Magistrates court at a date to be confirmed.
The fraud-busting agency has been investigating the Libor affair – that has seen banks paying out hundreds of millions in pounds in fines to regulators on both sides of the Atlantic – since July 2012.
It has already launched prosecutions against former UBS banker Tom Hayes along with Terry Farr and James Gilmour, who worked for money broker RP Martin. They have all denied its charges of fraud.
The SFO said yesterday that it "continues to work collaboratively with the UK Financial Conduct Authority and the US Department of Justice on their respective ongoing investigations" into the affair.
Barclays was the first bank to be penalised over the alleged involvement of its traders in attempts to manipulate the interest rate. It agreed to pay £290m in total in the same year the SFO became involved.
The fine and revelations which followed sparked an unprecedented wave of public anger, and cost both the chief executive Bob Diamond and chairman Marcus Agius their jobs. However, that was only the start of it. UBS paid out close to £1bn and Royal Bank of Scotland £390m. European watchdogs then got in on the act, tabling penalties of their own.
Libor is determined by banks on a panel submitting what they expect to pay to borrow from other banks, although the process is now being reformed. The interest rate derived from this is used to price a huge range of financial transactions.
Separate rates are set for a variety of currencies. Another rate, Euribor, is collated from banks in the eurozone.
Last month, three former traders at Dutch bank Rabobank were charged in the US over allegedly conspiring to manipulate the yen Libor benchmark interest rate since 2006. If convicted, they could face up to 30 years in prison.
- 1 Finland schools: Subjects scrapped and replaced with 'topics' as country reforms its education system
- 2 The West has it totally wrong on Lee Kuan Yew
- 3 #FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
- 4 Scientists have discovered a simple way to cook rice that dramatically cuts the calories
- 5 Zayn Malik quits One Direction: Hundreds of workers request compassionate leave following band member's exit
Germanwings captain Patrick Sondenheimer tried to break into locked cockpit door 'with an axe' as plane was descending
Amanda Knox murder conviction: Italian court overturns verdict for US student and Raffaele Sollecito in the killing of Meredith Kercher
Saudi Arabia says it won't rule out building nuclear weapons
The battle for the Middle East's future begins in Yemen as Saudi Arabia jumps into the abyss
#FreeTheNipple: Women in Iceland bare breasts in solidarity with trolled student
Nigel Farage brands LGBT activists 'filth' and 'scum' and accuses them of scaring away his children after they invade his local pub
Ukip supporters are 55 or older, white and socially conservative, finds British Social Attitudes Report
JK Rowling responds to fan tweeting she 'can't see' Dumbledore being gay
Russia threatens Denmark with nuclear weapons if it tries to join Nato defence shield
Jeremy Clarkson sacked live: Alan Yentob 'wouldn't rule out' ex Top Gear host's BBC return
Germanwings plane crash live: Co-pilot Andreas Lubitz wanted to 'do something people would remember him for'
iJobs Money & Business
Negotiable: Recruitment Genius: To provide a prompt, friendly and efficient se...
Negotiable: Recruitment Genius: You will be the first point of contact for all...
£18000 - £24000 per annum + benefits: Ashdown Group: HR, Payroll & Benefits Of...
£35000 - £38000 per annum + benefits : Ashdown Group: A highly successful, int...