facebook
twitter
rss
account
search
search
 

Alleged Libor rigging nets three arrests

Dec. 11, 2012 at 12:52 PM   |   Comments

LONDON, Dec. 11 (UPI) -- Bank regulators in Britain said Tuesday they arrested three men on charges related to manipulation of an interest rate benchmark.

The New York Times reported the three men are between 33 and 47 years of age and that they are British.

The Serious Fraud Office, which announced the arrest, is one of several agencies in Britain and the United States investigating manipulation of the London inter-bank offered rate or Libor, which is used to set rates for trillions of dollars in consumer and business loans.

More than a dozen big banks are under investigation, the Times said.

Specifically, British bank Barclays was the first bank caught up in the scandal. Authorities announced in the summer that the bank had agreed to pay $450 million to settle charges of rate manipulation. Soon after that, several high level bank officials resigned, including bank Chief Executive Officer Robert Diamond Jr.

The Swiss bank UBS and the Royal Bank of Scotland have also been caught up in the affair. UBS is close to reaching a deal with regulators to settle rate manipulation charges. RBS has said it would likely announce a deal with regulators before quarterly report release in February.

The three arrested are the first arrests announced concerning the scandal.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover E-3 Sentry aircraft tipped for digital cockpit, avionic systems makeover
2
Norways Kongsberg to demo missile for U.S. Navy Norways Kongsberg to demo missile for U.S. Navy
3
Saab producing vehicle protection system for unidentified customer Saab producing vehicle protection system for unidentified customer
4
Tony Hayward: Kurdish oil sector open for business Tony Hayward: Kurdish oil sector open for business
5
Anheuser-Busch not satisfied with the way NFL has handled recent incidents Anheuser-Busch not satisfied with the way NFL has handled recent incidents
Trending News
Video
x
Feedback