Ex-Rabobank Trader Conti Pleads Not Guilty in Libor Case

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A former Rabobank Groep trader pleaded not guilty to U.S. charges that he participated in a scheme to manipulate Libor, the benchmark for trillions of dollars of securities.

Anthony Conti, 46, of Essex, England, who didn’t fight extradition to the U.S., was released on a $500,000 bond secured by $40,000 in cash, permitted to keep his passport so he could return home and received permission to vacation in France.

Conti may go on trial in Manhattan federal court on Oct. 5, with Anthony Allen, Rabobank’s former global head of liquidity and finance, who pleaded not guilty to similar charges last month. They’re charged for their roles in an alleged scheme to artificially influence the U.S. dollar and yen London interbank offered rates to make money for Rabobank on derivatives tied to the benchmarks.

Rabobank agreed to pay $1.1 billion in October 2013 to settle investigations in the U.S., U.K. and the Netherlands into its involvement in manipulating Libor and related benchmark interest rates. Libor is used to determine the value of more than $300 trillion of securities, including interest rate swaps, mortgages and student loans.

Aaron Williamson, Conti’s lawyer, told U.S. District Judge Jed Rakoff that his firm received about 290,000 documents from the U.S. as part of the government’s “wide-ranging investigation.”

Rakoff said he wasn’t inclined to discuss any possible delay. “I know you’ll be working night and day,” the judge said.

Lee Stewart 51, who was a derivatives trader at the Dutch bank’s London desk from 1993 to 2009, pleaded guilty to a single count of conspiracy to manipulate the rate last month.

Allen made an initial appearance last month in federal court in Manhattan and was released on bond. He was allowed to return to the U.K. while he awaits trial.

Conti’s lawyers declined to comment after Monday’s hearing.

The case is U.S. v. Conti, 14-cr-0272, U.S. District Court, Southern District of New York (Manhattan).

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