International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Thursday, August 21, 2014

Former Rabobank LIBOR Submitter Pleads Guilty in Scheme to Manipulate Yen LIBOR

Logo2The FBI in a press release discusses the guilty plea by Paul Robson, a citizen of the United Kingdom.  According to the press release, “Paul Robson is the second employee at Rabobank, one of the world’s largest banks, to plead guilty to participating in a global fraud scheme,” said Assistant Attorney General Caldwell. “The scope of the fraud was massive, but the scheme was simple. By illegally influencing the LIBOR rates, Robson and his coconspirators rigged the markets to ensure that their trades made money. Robson’s conviction demonstrates the Department of Justice’s continued resolve to hold individuals and institutions accountable for their involvement in fraud in the financial markets.”

"This prosecution is part of efforts underway by President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets and recover proceeds for victims of financial crimes."

https://lawprofessors.typepad.com/intfinlaw/2014/08/former-rabobank-libor-submitter-pleads-guilty-in-scheme-to-manipulate-yen-libor-.html

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