SFO charges two brokers of conspiracy to defraud

16 July 2013

The Serious Fraud Office (SFO) has charged two former brokers with conspiracy to defraud in connection with the manipulation of the inter-bank lending Libor rates.

Terry Farr and James Gilmour, both formerly at RP Martin Holdings, were charged by the City of London Police and will appear before Westminster Magistrates' Court at a later date.

In a statement made on Monday (15 July), the SFO said Mr Farr and Mr Gilmour "attended Bishopsgate police station this morning where they were each charged by City of London Police with counts of conspiracy to defraud".

The pair were arrested in December 2012, alongside Tom Hayes, the former UBS and Citigroup trader.

Complex financial transactions taking place around the world are affected by the Libor rate, which sets a significant amount of financial contracts.

The Libor rates scandal has been ongoing since London-based institution Barclays was fined £290 million ($454 million) by the UK and US authorities.

By Gary Cooper

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