UK Serious Fraud Office Convicts Banker of Falsely Setting Yen LIBOR Rate

The United Kingdom's Serious Fraud Office ("SFO") convicted a senior banker from a leading British bank of "conspir[ing] with numerous other individuals to procure or make submissions of rates into the Yen LIBOR setting process that were false or misleading, thereby intending to prejudice the economic interests of others." The trial of the alleged remaining 11 co-conspirators is scheduled to begin on September 21, 2015.

SFO Press Release (October 7, 2014).Related news: CFTC Charges Bank with Manipulation, Attempted Manipulation and False Reporting of LIBOR and Euribor (April 23, 2015).