Two ex-UBS traders charged for Libor rigging

20 December 2012

Two ex-UBS traders have been prosecuted by US authorities for their roles in the bank's Libor manipulation scandal, it has emerged.

Roger Darin - who was based in Switzerland - and Tom Hayes, who worked in London and Tokyo, have been charged with conspiracy to rig the key interbank lending rate in a New York district court.

This represents the first set of criminal charges to be issued with regard to this fiasco and comes just a day after it was announced that UBS has agreed to pay fines totalling CHF 1.4 billion ($1.5 billion) to bodies including the US Department of Justice, the Commodity Futures Trading Commission and the Financial Services Authority for Libor manipulation.

Eric Holder, US attorney general, said messrs Darin and Hayes had "defrauded the company's counterparties of millions of dollars" and did so "primarily to reap increased profits and secure bigger bonuses for themselves".

By Asim Shah

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