Britain\u2019s Financial Conduct Authority is banning former Rabobank trader Lee Stewart from the securities industry. Stewart pled guilty to conspiracy to commit wire fraud and bank fraud related to Libor rigging in the United States earlier this year. <\/p>\n
The British regulator said that the bar is for a lack of \u201chonesty and integrity.\u201d The FCA said that Stewart took part in the \u201ccriminal conspiracy\u201d to manipulate the benchmark rate over an extended period and engaged in \u201cdeliberate misconduct.\u201d<\/p>\n
The former Rabobank senior derivatives trader admitted to misconduct involving the Dutch lender\u2019s submission of the London interbank offered rate as it was tied to the dollar. Stewart acknowledged that the rigging scam went on for almost five years, from May 2006 to early 2011.<\/p>\n
He is one of three ex-employees at the bank to admit wrongdoing involving Libor manipulation. Seven Rabobank employees were charged in the U.S. for the alleged crimes.\n<\/p>\n