Libor scandal: three bankers arrested

Dec 12, 2012

Serious Fraud Office arrests bankers over conspiracy to rig Libor

Three bankers were arrested yesterday morning in raids by the Serious Fraud Office, according to The Guardian. The three men are alleged to have been part of a conspiracy to rig Libor, the price at which banks to lend to one another and the reference point for trillions of pounds of loans to customers around the world. One man worked for Citigroup and UBS at different times while the other two men worked for RP Martin, a City of London money broking firm.

The investigation into Libor has already lead to a $450 million fine levied by British and American regulators against Barclays while RBS and UBS are also close to settling penalties for their roles in the scandal.

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