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April 16, 2014

3 Former ICAP Brokers Appear in British Court in Libor Manipulation Case

“LONDON – Three former brokers at the British financial firm ICAP appeared in court on Tuesday on charges that they conspired to manipulate a global benchmark interest rate.”

“Danny Martin Wilkinson, Darrell Paul Read and Colin John Goodman are the latest individuals to be charged in a wide-ranging investigation into potential manipulation of the London interbank offered rate, or Libor.”

“At a brief hearing in Westminster Magistrates’ Court, the men spoke only to confirm their identities.”

“Mr. Wilkinson, who lives in New Zealand, will be required to post bail of 40,000 pounds, or about $66,776, and will be allowed to travel between Britain and New Zealand. The other two were not required to post a security, but were ordered to surrender their passports.”

According to the Serious Fraud Office, which brought the charges, the conspiracy to defraud took place from August 2006 to September 2010.”

“Libor is one of the main rates used to determine the borrowing costs for trillions of dollars in loans, including many adjustable-rate mortgages in the United States.”


Read full New York Times DealBook article here.

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