Libor Fixing: Two More Ex-Rabobank Traders Indicted in the US
The US government has indicted two more former Rabobank traders, for their alleged attempts to manipulate some of the world's most important interbank lending rates, bringing the total amount of those charged from the Dutch lender to six.
According to the US Department of Justice (DoJ), the charges over attempts to rig US dollar Libor and Yen Libor, will expand the FBI's investigation into Rabobank.
In October last year, Rabobank's chief executive Piet Moerland quit earlier than expected after the Dutch lender was fined €774m (£645m, $1.1bn) by US and other British and European authorities for its role in the manipulation of the key interbank lending rate Libor.
What is Libor?
Libor valuations directly influence the value of trillions of dollars of financial deals between banks and other institutions.
The benchmark reference rates are used in euro, US dollar and British sterling over-the-counter interest rate derivatives contracts and exchange-traded interest rate contracts.
Out of the total amount, the Dutch lender paid a €236m criminal fine to the DoJ and entered into a deferred prosecution agreement to resolve the charges.
The Dutch lender, a co-operative founded in the late 19th century as a farmers' bank, received a formal request from the Dutch Ministry of Security and Justice, for information linked to the ongoing probes into its possible involvement in the manipulation of Libor, in October 2012.
Since then, two former Rabobank derivatives traders, Anthony Allen, 43, of Hertsfordshire, England, and Anthony Conti, 45, of Essex, England, were charged on allegations of Libor fixing.
The DoJ has also charged were Tetsuya Motomura, 42, of Tokyo and Paul Thompson, 48, of Dalkeith, Australia.
Both Robson and Yagami has pleaded guilty to one count of conspiracy in connection with their roles in the alleged Libor rigging scheme.
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