{"id":5392,"date":"2012-12-11T00:00:00","date_gmt":"2012-12-11T06:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2012\/12\/libor_investigation_leads_to_t"},"modified":"2022-05-19T13:41:55","modified_gmt":"2022-05-19T18:41:55","slug":"libor-investigation-leads-to-t","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/libor-investigation-leads-to-t\/","title":{"rendered":"LIBOR Investigation Leads to Three Arrests"},"content":{"rendered":"

Anti-fraud and police in Britain have made three arrests related to the global interest rate rigging scandal involving the London Interbank Offered Rate (LIBOR). The three men are Thomas Hayes, an ex-Citigroup Inc. (C) <\/a>and UBS AG (UBSN.VX)<\/a> trader, and James Gilmour and Terry Farr, who both worked at RP Martin, an interdealer broker. All of them are British nationals.<\/p>\n

The Canadian Competition Bureau regulator claims that Hayes and others tried to manipulate yen Libor, which is the average interbank interest rates that banks are willing to lend in unsecured funds that are in Japanese yen denominations to each other. The regulator is also accusing Hayes of reaching out to traders at other banks in London and trying to persuade them to manipulate yen rates.<\/p>\n

Regulators and prosecutors in Europe, Canada, the US, and Japan have been probing how traders have been able to rig interbank lending rates, including LIBOR, and whether banks may have changed submissions that are supposed to set benchmarks so they could make money off interest-rate derivatives-related bets or make lenders appear more financially healthy.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

Anti-fraud and police in Britain have made three arrests related to the global interest rate rigging scandal involving the London Interbank Offered Rate (LIBOR). The three men are Thomas Hayes, an ex-Citigroup Inc. (C) and UBS AG (UBSN.VX) trader, and James Gilmour and Terry Farr, who both worked at RP Martin, an interdealer broker. All […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3820,3752,4027,4036,3755],"tags":[],"class_list":["post-5392","post","type-post","status-publish","format-standard","hentry","category-citigroup","category-financial-firms","category-libor-scandal","category-royal-bank-of-scotland","category-ubs"],"yoast_head":"\nLIBOR Investigation Leads to Three Arrests — Investor Lawyers Blog — December 11, 2012<\/title>\n<meta name=\"description\" content=\"Anti-fraud and police in Britain have made three arrests related to the global interest rate rigging scandal involving the London Interbank Offered Rate — December 11, 2012\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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