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Former Barclays employees named in Libor criminal case Former Barclays employees named in Libor criminal case
(35 minutes later)
The Serious Fraud Office (SFO) has charged three former Barclays employees in connection with its investigation into the manipulation of Libor.The Serious Fraud Office (SFO) has charged three former Barclays employees in connection with its investigation into the manipulation of Libor.
Peter Johnson, Jonathan Mathew and Stylianos Contogoulas allegedly conspired to defraud between 1 June 2005 and 31 August 2007, said the SFO.Peter Johnson, Jonathan Mathew and Stylianos Contogoulas allegedly conspired to defraud between 1 June 2005 and 31 August 2007, said the SFO.
The investigation into the alleged manipulation of the key benchmark Libor rate was launched in 2012. The investigation into the alleged fixing of the key benchmark Libor rate was launched in 2012.
Barclays was fined £290m in 2012 for manipulating interbank rates. Barclays was fined £290m in 2012 over the manipulation of interbank rates.
The Libor rate is used to set trillions of dollars of financial contracts, including many car loans and mortgages, as well as complex financial transactions around the world.The Libor rate is used to set trillions of dollars of financial contracts, including many car loans and mortgages, as well as complex financial transactions around the world.