From Reuters: U.S. prosecutors and European regulators are
close to arresting individual traders and charging them with colluding to
manipulate global benchmark interest rates, according to people familiar with a
sweeping investigation into the rate-rigging scandal.
Defense lawyers, some of whom represent individuals under
suspicion, said prosecutors have indicated they plan to begin making arrests
and filing criminal charges in the next few weeks. In long-running financial
investigations it is not uncommon for prosecutors to contact defense lawyers
for individuals before filing charges to offer them a chance to cooperate or
take a plea, these lawyer said.
The prospect of charges and arrests of individuals means
that prosecutors are getting a fuller picture of how traders at major banks
allegedly sought to influence the London Interbank Offered Rate, or Libor, and
other global rates that underpin hundreds of trillions of dollars in assets.
The criminal charges would come alongside efforts by regulators to punish major
banks with fines, and could show that the alleged activity was not rampant in
the banks….
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