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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UK financial regulator the Financial Conduct Authority (The FCA) has decided to prohibit Tom Hayes from performing any function in relation to any regulated activity in the financial services industry. The FCA considers that Mr. Hayes is not a fit and proper person as a result of his conviction for conspiracy to defraud in relation…
Read moreUS 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…
Read moreAfter banning Paul White, a former a Japanese Yen (JPY) and Swiss Franc (CHF) LIBOR submitter at Royal Bank of Scotland Group plc (LON:RBS), the Financial Conduct Authority (FCA) today makes another move in relation to its investigation into LIBOR manipulation. The UK regulator published a Decision Notice regarding Mr Arif Hussein, a former derivatives…
Read moreThe 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…
Read moreSouthwark 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…
Read moreA 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…
Read moreThe UK Court of Appeal today ruled to reduce the prison sentence of former UBS and Citi trader Tom Hayes, convicted of LIBOR manipulation. The sentence was cut from 14 years to 11 years. The new ruling, in response to Mr Hayes' appeal to the previously issued sentence, took into account all the circumstances, including…
Read moreThe 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…
Read moreBritish 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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