LIBOR: Three arrested

12 Dec, 2012

Three British men have been arrested in connection with the LIBOR manipulation investigation.

The three men, aged 33, 41 and 47, have been taken to a London police station for interview, and search warrants have been executed at three residential premises, one in Surrey and two in Essex.

It is thought that one of the men is a banker and the other two have had professional dealings with an inter-dealer broker, according to the BBC.

These are the first arrests since the US Commodity Futures Trading Commission first began looking into possible LIBOR rigging, which led the Serious Fraud Office (SFO) to officially announce in July that it was launching a criminal investigation into inter-bank lending rate fixing.

Just prior to that, in June, Barclays bank was ordered to pay a fine of £290m for making attempts at rate rigging.  

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