Serious Fraud Office close to criminal charges over Libor rigging scandal

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Serious Fraud Office close to criminal charges over Libor rigging scandal

Serious Fraud Office close to criminal charges over Libor rigging scandal

Guardian-

Separate inquiry by the Financial Services Authority into Libor fixing scandal covers eight financial institutions, not just banks.

The Serious Fraud Office has moved a step closer to bringing criminal charges against individuals involved in rigging the key Libor interest rate after concluding that the law does cover the offences that led to Barclays being hit by a £290m fine.

The SFO, which had announced a formal investigation into attempts to manipulate the rate on 6 July, said its investigation covered a number of financial institutions.

“The Director of the Serious Fraud Office, David Green QC, is satisfied that existing criminal offences are capable of covering conduct in relation to the alleged manipulation of Libor and related interest rates. The investigation, announced on 6 July, involves a number of financial institutions,” the SFO said.

[GUARDIAN]

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