Three professionals in the British financial industry have been arrested as part of the ongoing probe into the manipulation of Libor, it has emerged.
The Serious Fraud Office (SFO) revealed yesterday (11 December) that, with the assistance of the City of London Police, it executed search warrants at three residential premises, two of which are located in Essex with the other being in Surrey.
Subsequently, the SFO - the government department responsible for investigating and prosecuting serious and complex fraud and corruption - noted that three men, aged 33, 41 and 47, have been arrested and are being interviewed by police in the capital.
Although the SFO did not reveal the names of the suspects - all of whom are British nationals - a source with knowledge of the matter has informed Reuters that one of the men is Thomas Hayes, a former trader at Citigroup and UBS.
Many banks are under investigation as part of this regulatory action and Barclays was fined a total of around $450 million for its involvement earlier this year.
By Gary Cooper