|Sunset at Tower Bridge Credit: Vic Thomasson, City of London |
Today the UK Serious Fraud Office (SFO), with the assistance of the City of London
Police, executed search warrants at three residential premises in Surrey (1) and
Essex (2). Three men, aged 33, 41 and 47, have been arrested and taken to a
London police station for interview in connection with the investigation into
the manipulation of LIBOR. The men are all British nationals currently living
in the United Kingdom.
Tuesday's developments marks a new phase in the
civil and criminal investigations of attempted rigging of the London interbank
offered rate, or LIBOR, and other widely used benchmark interest rates. More
than a dozen banks are under investigation by authorities in several countries.
The SFO began its criminal investigation in July,
shortly after Barclays PLC agreed to pay roughly $450m to settle US and British
allegations that its traders and executives were involved with attempted
rate-fixing. US criminal authorities have been investigating rate-rigging for
much longer but haven't yet charged anyone.
Barclays Bank pays fines of £59.5m and $360m for fraudulent
manipulation of LIBOR and EURIBOR interest rates
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