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Tuesday, March 24, 2015

Ex-U.K. #Rabobank Senior Trader Charged With #LIBOR Manipulation

An ex-U.K. Rabobank senior derivatives trader pled guilty to U.S. Dollar (USD) and Yen London InterBank Offered Rate (LIBOR) interest rate manipulation. Charges were issued by the U.S. Department of Justice. At the time of the manipulation LIBOR served as the primary benchmark for short-term interest rates in the global market as published by the British Bankers’ Association. Steward wasn't the only one in on the scheme. From May 2006 to early 2011 Stewart confessed to conspiring with others at Robobank, a Dutch multinational banking and financial services company headquartered in Utrecht, the Netherlands, to manipulate the LIBOR benchmark interest rate. In 2013, the bank was fined $1.1 billion for failing to recognize the conspiracy and alleged that as many as 30 traders were involved. The FBI continues to investigate the matter. Lee Stewart, 51, worked as a trader from 1993 to 2009 and will have a sentencing hearing on June 9, 2017.