{"id":5636,"date":"2014-05-22T00:00:00","date_gmt":"2014-05-22T05:00:00","guid":{"rendered":"https:\/\/institutionalinvestorsecuritiesblog.blawgcloud.com\/2014\/05\/rp_martin_to_pay_22m_in_libor"},"modified":"2022-05-06T10:54:34","modified_gmt":"2022-05-06T15:54:34","slug":"rp-martin-to-pay-22m-in-libor","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/rp-martin-to-pay-22m-in-libor\/","title":{"rendered":"R.P. Martin To Pay $2.2M in Libor Rigging"},"content":{"rendered":"<p>The U.S. Commodity Futures Trading Commission and Britain\u2019s Financial Conduct Authority are fining R.P. Martin over $2 million for misconduct related to manipulating the London Interbank Offered Rate (Libor). The brokerage firm will pay $1.2M to the CFTC and approximately $1M to the British regulator. The latter said the fine could have been bigger but the financial unit showed that it couldn\u2019t afford to pay more.<\/p>\n<p>Libor helps determine what the borrowing costs are for trillions of dollars in credit cards, loans, and mortgages. According to regulators, the British broker-dealer helped a<a href=\"https:\/\/www.investorlawyers.com\/ubs-painewebber-background-information.html\"> UBS (UBS) trader<\/a> manipulate Libor as it was tied to the yen. RP Martin is accused of making misleading recommendations to its own employees. The latter issued the submissions used to establish Libor.<\/p>\n<p>In return for RP Martin\u2019s help, its brokers are said to have accepted over $400,000 in payments through wash trades that were actually just to give commissions to the brokerage firm. RP Martin\u2019s brokers are also accused of turning in cash bids that weren\u2019t real so that this would affect the yen Libor while benefitting the trader from UBS.<\/p>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/rp-martin-to-pay-22m-in-libor\/\"  title=\"Continue Reading R.P. Martin To Pay $2.2M in Libor Rigging\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The U.S. Commodity Futures Trading Commission and Britain\u2019s Financial Conduct Authority are fining R.P. Martin over $2 million for misconduct related to manipulating the London Interbank Offered Rate (Libor). The brokerage firm will pay $1.2M to the CFTC and approximately $1M to the British regulator. The latter said the fine could have been bigger but [&hellip;]<\/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":[3810,4027],"tags":[3434],"class_list":["post-5636","post","type-post","status-publish","format-standard","hentry","category-cftc","category-libor-scandal","tag-rp-martin"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>R.P. Martin To Pay $2.2M in Libor Rigging &#8212; Investor Lawyers Blog &#8212; May 22, 2014<\/title>\n<meta name=\"description\" content=\"The U.S. Commodity Futures Trading Commission and Britain\u2019s Financial Conduct Authority are fining R.P. Martin over $2 million for misconduct related to &#8212; May 22, 2014\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/rp-martin-to-pay-22m-in-libor\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"R.P. Martin To Pay $2.2M in Libor Rigging &#8212; Investor Lawyers Blog &#8212; May 22, 2014\" \/>\n<meta name=\"twitter:description\" content=\"The U.S. Commodity Futures Trading Commission and Britain\u2019s Financial Conduct Authority are fining R.P. Martin over $2 million for misconduct related to &#8212; May 22, 2014\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"R.P. Martin To Pay $2.2M in Libor Rigging &#8212; Investor Lawyers Blog &#8212; May 22, 2014","description":"The U.S. Commodity Futures Trading Commission and Britain\u2019s Financial Conduct Authority are fining R.P. Martin over $2 million for misconduct related to &#8212; May 22, 2014","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/rp-martin-to-pay-22m-in-libor\/","twitter_card":"summary_large_image","twitter_title":"R.P. Martin To Pay $2.2M in Libor Rigging &#8212; Investor Lawyers Blog &#8212; May 22, 2014","twitter_description":"The U.S. Commodity Futures Trading Commission and Britain\u2019s Financial Conduct Authority are fining R.P. 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