By Melissa Melton | ActivistPost
Three former Barclays bank employees have now been charged with “conspiracy to defraud” in the continuing LIBOR scandal, bringing the total to 13 people charged in America and the U.K. It has been reported that three ex-ICAP brokers are next on the list for helping traders manipulate interest rates.
Three former Barclays bankers have been charged “in connection with the manipulation of Libor” interest rates, the Serious Fraud Office said.
The SFO alleges the three – Peter Charles Johnson, Jonathan James Mathew and Stylianos Contogoulas – "conspired to defraud between 1 June 2005 and 31 August 2007".
They will appear at Westminster Magistrates court at a date to be confirmed. (source)
LIBOR is an interbank benchmark used to set the interest rates on trillions in loans all over the world.
The investigation into LIBOR’s deliberate manipulation began in 2008, and it has come to light that traders at various banks all over the world have benefited financially from turning in false interest rate reports since.
Thus far, Barclays and other mega banks including JP Morgan Chase, Citigroup, UBS, Deutsche Bank and the Royal Bank of Scotland have been forced to pay billions in regard to rigging interest rates.
Just last month, JP Morgan Chase, America’s biggest bank, admitted wrongdoing and was fined $461 million for willfully violating the Bank Secrecy Act in relation to Bernie Madoff’s multi-billion dollar Ponzi scheme. “When JPMorgan suspected Mr. Madoff’s fraud, it focused on its own investment exposure and saved itself approximately $250 million. If it had given the same attention to its anti-money laundering responsibilities, it could have saved itself $2 billion, and potentially saved thousands of other fraud victims untold misery and loss,” stated Financial Crimes Enforcement Network Director Jennifer Shasky Calvery.
JP Morgan also owns over 60% of the total notional of all US gold derivatives ($108.2 billion).
Read the full article at: activistpost.com