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Three US-based traders charged over Libor: Rate rigging inquiry

April 29, 2014

Britain filed its first criminal charges against US-based Libor traders yesterday, as the UK arm of a complex global investigation into alleged benchmark interest-rate rigging stretches across the Atlantic.

The Serious Fraud Office (SFO) charged three former Barclays traders - director of dollar fixed-income swaps Jay Merchant and dollar interest rate derivative traders Alex Pabon and Ryan Reich - with conspiracy to defraud.

A provisional hearing has been scheduled for the three men, who the SFO confirmed were currently in the United States, at Westminster magistrates court on 27 May.

The charges could prompt the first extradition to Britain from the US in the lengthy investigation into the alleged rigging of Libor.

The SFO, which has now charged 12 people in connection with its criminal Libor investigation, declined to comment on any extradition request or give further details about the charges.

The inquiry into alleged fixing of Libor and related Euribor rates has so far seen US and European authorities fine 10 banks and brokerages $6bn and charge 16 men. Reuters New York

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Source: Guardian (UK)

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