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Bankers face the prospect of jail as Serious Fraud Office launches criminal probe into interest-rate fixing

3 years agoNews : The Coming Crisis

Furious shareholders in Barclays are demanding the bank strips disgraced ex-boss Bob Diamond of his entitlement to an £18million bonus. The row emerged as the Serious Fraud Office confirmed it is pursuing criminal investigations against bankers involved in an industry-wide conspiracy to rig crucial interest rates.The SFO failed to conduct an inquiry last year because of lack of funding; its budget has been cut by 38 per cent over five years.
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UK Serious Fraud Office To Begin Criminal Probe Into Lieborgate

Business & Finance : Zero Hedge (3 years ago)

And in the meantime, not a peep about any bank in the US, which is ironic considering JPM, Citi and BofA are BBA member banks, and had among the lowest fixing rates during the period in question, and as Bob Diamond himself said, "ev... Read Post

U.K. Fraud Agency Opens Criminal Probe of Barclays

Business & Finance : The Curious Capitalist (3 years ago)

(LONDON) — Britain’s Serious Fraud Office says it has formally opened a criminal investigation of Barclays’ manipulation of a key market interest rate. The agency said Friday that it was uncertain whether the investigation would res... Read Post

British Officials Announce Fraud Investigation Into Rate Manipulation

Business & Finance : DealBook (3 years ago)

The Serious Fraud Office confirmed on Friday that it would pursue a fraud investigation into the manipulation of benchmark interest rates at Barclays, a process that could result in criminal charges. Read Post

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