Tag: Libor manipulation

June 04, 2018 BY LeapRate Staff

SocGen fined $750 million for LIBOR manipulation

The U.S. Commodity Futures Trading Commission (CFTC) has announced that it has issued an Order today filing and settling charges against French banking giant Societe Generale SA (EPA:GLE) for attempted manipulation of and false reporting in connection with the London Interbank Offered Rate (LIBOR) for U.S. Dollar, Yen and Euro, and the Euro Interbank Offered Rate…

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May 25, 2016 BY LeapRate Staff

Bad day for Citi: CFTC doles out $425 million in fines for manipulation of LIBOR and swap rates

US financial regulator CFTC has issued two notices about fairly large fines totaling $425 million being levied against banking giant Citigroup Inc (NYSE:C). In Notice #1, the CFTC has ordered Citibank, N.A. and Japanese affiliates to pay a $175 million penalty for attempted manipulation of Yen LIBOR and Euroyen TIBOR, and false reporting of Euroyen TIBOR and…

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April 12, 2016 BY Maria Nikolova

UK regulator bans ex-RBS LIBOR submitter Paul White

The UK Financial Conduct Authority (FCA) today announced the imposition of a ban on Paul White, a former a Japanese Yen (JPY) and Swiss Franc (CHF) LIBOR submitter at Royal Bank of Scotland Group plc (LON:RBS). Mr White is banned from performing any function in relation to any regulated financial activity. The FCA has ruled…

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March 23, 2016 BY Maria Nikolova

UK Court issues $1.2 million confiscation order to Tom Hayes

Southwark Crown Court today ordered Tom Hayes, the first individual to be convicted for the manipulation of LIBOR, to pay a confiscation order of £878,806 ($1.24 million). Hayes was convicted of eight counts of conspiracy to defraud in August 2015 and sentenced to 14 years in prison. In December 2015, the sentence was reduced to…

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January 29, 2016 BY Maria Nikolova

UK Court acquits sixth defendant in LIBOR manipulation case

A jury at Southwark Crown Court on Thursday acquitted Darrell Paul Read, a former employee of ICAP plc (LON:IAP), of all charges related to alleged manipulation of LIBOR. The decision was made one day after other five defendants were found not guilty on counts of conspiring to manipulate LIBOR. Mr Read was found not guilty on…

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August 19, 2014 BY Mike Fox

WSJ: Second ex-Rabobank trader pleads guilty over Libor

The Wall Street Journal's Anna Prior is reporting that another former yen trader for Dutch bank Rabobank Group NV has pleaded guilty to charges that he participated in a scheme to manipulate the benchmark London interbank offered rate, or Libor. The trader, U.K. citizen Paul Robson, pleaded guilty Monday in a New York federal court…

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April 01, 2014 BY Andrew Saks-McLeod

FCA announces intention to implement preventative measures against LIBOR manipulation

British financial markets regulator announces plans to reduce possibility of rate manipulation by traders The Financial Conduct Authority (FCA) announced plans to look into how firms can reduce the risk of traders manipulating key benchmarks as a central part of its Business Plan for 2014/15, which was published yesterday. Together with several London-based financial institutions…

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