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UK: First LIBOR trial may be on horizon with criminal charges

By  |  June 18, 2013

The LIBOR scandal may see its first trial in the wake of reports that the former trader for UBS and Citigroup has been charged with eight counts of conspiracy to defraud in relation to the scheme. The Serious Fraud Office, based in London, laid the charges for Tom Hayes on Tuesday. A multinational investigation swept throughout the US, Europe, UK and Japan by antitrust regulators over charges that the benchmarks used to determine interest rates were knowingly manipulated. Three banks have been issued $2.6 billion in fines by US and UK authorities.

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