Former Rabobank trader Paul Robson banned from industry for attempted LIBOR rigging

The Financial Conduct Authority (FCA) has banned former Rabobank trader Paul Robson for attempted manipulation of the London Interbank Offered Rate (LIBOR).

The FCA action follows a US criminal conviction for Mr Robson over interest rate-rigging. He was the second at the Dutch bank to plead guilty to trying to rig the Yen LIBOR rate and the first Briton to do so.

Georgina Philippou, acting director of enforcement and market oversight at the FCA, said in a statement: “No excuse can be made for Mr Robson’s behaviour, which was particularly serious. He was the primary submitter of Yen Libor at Rabobank for a number of years and experienced in the market. He knew what he was doing was wrong.”

Last year, Rabobank paid $1 billion to US and European regulators for its part in the global rate-rigging scandal.

According to a report by the BBC, Mr Robson pleaded guilty to attempting to influence LIBOR rates last year and he will be sentenced in 2017.

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