ICAP BROKERAGE TRIAL

NEW YORK вЂ“ Attorney General Barbara Underwood announced the criminal convictions of brokerage firms TFS-ICAP LIMITED and TFS-ICAP LLC for posting fake trades in emerging market foreign exchange currency options to New York-based traders. Regulators are also examining whistleblower allegations that other benchmarks, such as those governing foreign exchange, have been manipulated.News from the New York Attorney General's OfficeДЄttorney General's Office Press Office / Brokerage Firm TFS-ICAP LIMITED, and Its U.S.-Based Affiliate TFS-ICAP LLC, Plead Guilty to Securities Fraud for Posting Fake Trades in Emerging Market Foreign Exchange Currency OptionsД¬ompanies Must Implement Remedial Procedures Verified by Independent Monitor, Remove High-Level Managers, Pay $1.15 Million in Penalties, and Cooperate in AGвЂ™s Ongoing Criminal Investigation of Managers and Brokers at TFS-ICAP ICAP also remains under investigation by the European Union antitrust regulator over the alleged rate-rigging scam.

ICAP BROKERAGE TRIAL

Their trial has been scheduled for September 2015, in part to allow the SFO time to bring charges against further alleged co-conspirators.ДЄlthough the sprawling Libor investigation has generated fewer headlines since authorities announced parallel inquiries into other benchmarks, such as those in foreign exchange and swaps markets, the long-awaited Libor charges are a reminder of the insidious nature of the alleged wrongdoing. Terry Farr and James Gilmour, two brokers from RP Martin, have also been charged and pleaded not guilty to similar fraud-related offences in Britain. prosecutors, is due to stand trial in London in January 2015 on eight charges of conspiring with staff from at least 10 banks and brokerages to manipulate yen Libor rates between 20. The SFO has already charged six other men as part of its Libor investigation, including Tom Hayes, a former yen derivatives trader at UBS and Citigroup, who pleaded not guilty in a London court in December. and European authorities - the penalties now total around $6 billion - regulators laid bare a world in which, they alleged, brokers deliberately infected markets with false information to benefit their top client. ICAP is the worldвЂ™s largest interdealer broker, an industry designed to match buyers and sellers of bonds, currencies and swaps without bias.Д«ut when the brokerage last September became one of 10 institutions fined by U.S. Libor is the primary benchmark for short-term interest rates globally and is used as a reference rate for mortgages, credit cards, student loans and other consumer lending products that the Swiss-based Bank of International Settlements (BIS) has estimated to be worth around $450 trillion. ICAP, which in September settled regulatory investigations into allegations of manipulation of yen Libor, declined to comment.Д«ased on a survey of what banks would charge each other for loans, traders are alleged to have colluded on answers that could nudge the reported rates by amounts that were tiny but translated into big profits. and European regulators fine 10 banks and brokerages a total of $6 billion to date. The inquiry into Libor and a related Euribor-rigging inquiry, which stretches from North America to Asia, has also seen U.S. Thirteen men have been charged globally over the scam to date - 10 for alleged yen Libor manipulation and three for alleged dollar Libor manipulation. prosecutors, bring to nine the number of people charged in Britain over the manipulation of Libor, a central cog in the global financial system. The three men, who have already been charged by U.S. They will appear at Westminster MagistratesвЂ™ Court on April 15, when the charges will be read out, the SFO added. They SFO alleged in a statement that the three вЂњconspired to defraudвЂќ between Aug. The Serious Fraud Office said on Friday it was charging former ICAP derivatives broker Darrell Paul Read, his supervisor Daniel Martin Wilkinson and Colin John Goodman, a cash broker in ICAPвЂ™s London office, in connection with the manipulation of the London Interbank Offered Rate or Libor. side of a global investigation into alleged rigging of crucial benchmark interest rates cranked up. (Reuters) - British fraud prosecutors began criminal proceedings against three former brokers from ICAP, the world's top interdealer broker, as the U.K.

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