Ex Rabobank traders charged for Libor rate rigging
Three former traders of Dutch bank Rabobank are facing charges in the United States for their supposed role in the Libor interest rate-rigging scandal.
Paul Robson, Paul Thompson and Tetsuya Motomura were charged with wire fraud and conspiracy to commit wire fraud and bank fraud, The New York Times reported.
The three were accused of submitting false estimates of interest rates to benefit their own trading positions, according to a complaint filed on Monday with the Federal District Court in Manhattan.
They could face a maximum 30 years in prison.
Acting Assistant U.S. Attorney General Mythili Raman said “these three traders -- working from Japan, Singapore and the United Kingdom -- deliberately submitted what they called ‘obscenely high’ or ‘silly low’ Libor rates in order to benefit their own trading positions,” Bloomberg News reported.