A former Rabobank trader pleaded guilty for his role in a conspiracy to commit wire and bank fraud by manipulating the bank’s Yen Libor submissions to benefit trading positions.
Paul Robson, a British citizen who also submitted Rabobank’s rates used to calculate the Libor for the yen, conspired to manipulate the submissions to benefit trading positions between 2006 and 2011, the US Department of Justice said in a statement.
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Robson entered his plea before the district judge, Jed Rakoff, in Manhattan to one count of a 15-count indictment he had faced.
The indictment also alleged that the conspiracy involved numerous additional, unnamed individuals and entities.
Earlier this year a Japanese trader who also worked for Rabobank became the first person to plead guilty in the investigation.
In October 2013, Dutch bank paid roughly US$1 billion to US, UK and Dutch authorities to settle the investigation. Rabobank also entered into a deferred prosecution agreement with the Department of Justice.
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By GlobalData
