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Rabobank Trader Pleads Guilty to LIBOR Manipulation Scheme
A former Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank) Japanese Yen London InterBank Offered Rate (LIBOR) submitter has pleaded guilty to his role in a conspiracy to commit wire and bank fraud by manipulating Rabobank’s Yen LIBOR submissions to benefit trading positions.
Paul Robson, a citizen of the United Kingdom, appeared before United States District Judge Jed S. Rakoff in the Southern District of New York and pleaded guilty to count one of a 15-count indictment returned by a federal grand jury in the Southern District on April 28, 2014.
“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 Leslie R. 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, along with former Rabobank Yen LIBOR derivatives traders Paul Thompson, of Australia, and Tetsuya Motomura, of Japan, was charged with conspiracy to commit wire and bank fraud as well as substantive counts of wire fraud. The indictment also alleges that the conspiracy involved numerous additional, unnamed individuals and entities.
The LIBOR scandal has far-reaching effects on international financial markets, with the Bank of International Settlements estimating that outstanding interest rate contracts were valued at $350 trillion as of the second half of 2009.
Robson’s sentencing is scheduled for June 9, 2017. This is the latest development in the ongoing investigation into the LIBOR scandal, which has already resulted in guilty pleas from several individuals and entities, including former Rabobank trader Takayuki Yagami and Lloyds Banking Group plc, which agreed to pay an $86 million penalty under a deferred prosecution agreement.”}
Key Facts
- State: Federal
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release ↗
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