Following the announcement from the Serious Fraud Office (SFO) in July 2012 that it would accept the investigation of the allegations of manipulating LIBOR for profit, three further people have been charged with conspiracy to defraud, bringing the total number to nine. The SFO is an independent governmental department which is responsible for investigating and prosecuting serious and complex fraud, bribery and corruption crimes.
‘LIBOR’ (London Interbank Offered Rate) is the average interest rate as estimated by the 16 most credit worthy banks worldwide. The rate is calculated daily on the interest rates that the banks will lend money to each other. Most of the major world banks contribute estimates to form the LIBOR.
The most recent charges have been brought against three former employees named as Danny Martin Wilkinson, Darrell Paul Read and Colin John Goodman, of the international broker firm, ICAP Plc. The allegations against Wilkinson, Goodman, Read and six others involve the manipulation of this rate to profit from it by understating or overstating their submissions. The alleged offences are thought to have occurred between 8 August 2006 and 7 September 2010.
Six others have also been charged with similar allegations in respect of LIBOR since the SFO accepted the case. Tom Hayes was charged in June 2013, Terry Farr and James Gilmour in July 2013 and, Peter Charles Johnson, Jonathan James Matthew and Stylianos Contogoulas in February of this year.
Wilkinson, Goodman and Read are set to appear at Westminster Magistrates Court on the 15th April 2014 for their first appearance and their charges to be read out. It is unknown whether any of the accused will enter a guilty plea at this time.
At Farleys we have a team of criminal defence solicitors who specialise in serious crime and fraud. Our fraud lawyers can provide advice and representation 24 hours a day, 7 days a week on all areas of serious crime.
If you have been accused of involvement in relation to a fraud offence, or indeed serious crime in any capacity, it is vital that you speak to a criminal defence solicitor at the earliest opportunity. Early advice is often crucial. For 24 hour advice via our emergency crime line, call 01254 606050.