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July 16, 2013

Brokers Charged in Libor Investigation

British fraud prosecutors on Monday filed criminal fraud charges against two former London brokers, marking an expansion of the investigation into manipulation of the London interbank offered rate, or Libor.

The U.K.’s Serious Fraud Office said it charged Terry Farr and James Gilmour, who both used to work for interdealer broker R.P. Martin Holdings Ltd., with “conspiracy to defraud.” The charges come after the agency last month filed similar charges against former UBS AG and Citigroup Inc. trader Tom Hayes. All three men were arrested in the U.K. on the same day last December.

The Serious Fraud Office didn’t detail the charges against Messrs. Farr and Gilmour, beyond saying that Mr. Gilmour was charged with one count of conspiracy to defraud and Mr. Farr was charged with two counts. The men, charged at a London police station Monday morning, are due to appear in a London court at a later date, the SFO said.

Lawyers for Mr. Farr, 41 years old, and Mr. Gilmour, 48, couldn’t immediately be reached for comment and have not previously commented. Mr. Hayes, who hasn’t entered a plea, told The Wall Street Journal in a January text message that ‘this goes much much higher than me.'”

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Read full Wall Street Journal article here

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