On 3 October 2014 the first criminal conviction arose from the Serious Fraud Office’s LIBOR investigation. A senior banker from a leading British bank pleaded guilty at Southwark Crown Court to conspiracy to defraud in connection with manipulating LIBOR. Eleven other individuals stand charged and await trail.
On 28 October 2014 the SFO issued criminal proceedings against Noel Cryan, a former employee at Tullett Prebon Group Ltd, in connection with the manipulation of LIBOR.
Other investigations into LIBOR manipulation in 2014 include:
Investigations against three former employees at Barclays Bank Plc, Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas. It is alleged they conspired to defraud between 1 June 2005 and 31 August 2007.
Investigations against three former employees at ICAP Plc, Danny Martin Wilkinson, Darrell Paul Read and Colin John Goodman. It is alleged they conspired to defraud between 8 August 2006 and 7 September 2010.
Jay Vijay Merchant, Alex Julian Pabon and Ryan Michael Reich, all former employees at Barclays Bank Plc.
How Cromwells can help
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Note: This is a general briefing and not an exhaustive treatment of the subject.