Three Barclays executives charged in Libor scandal
Investigation into alleged manipulation growing
Fraud prosecutors in the United Kingdom said Monday they will file criminal charges against three former Barclays executives for allegedly manipulating the benchmark London interbank offered rate, or Libor.
The charges are part of a larger, multibillion-dollar investigation into alleged manipulation of the overnight bank rate.
The Serious Fraud Office (SFO) said in a release that it is charging Peter Johnson, Jonathan Mathew and Stylianos Contogoulas with conspiring to defraud between June 2005 and August 2007.
So far, 13 individuals have been criminally charged in the Libor investigation in the U.K. and the United States since 2012. The SFO is an independent U.K. department that investigates and prosecutes serious or complex fraud and corruption.
The inquiry began on July 6, 2012, when the SFO announced that it had decided to accept the LIBOR case for investigation.
Barclays has been fined $454 million by U.K. and U.S. regulators for manipulation of the Libor and Euribor interbank rates. Barclays CEO Bob Diamond and the company’s chairman, Marcus Agius, resigned in the wake of the scandal.
The SFO brought Libor-related charges against two others, Tom Hayes in June 2013 and Terry Farr and James Gilmour in July 2013.