Ex-ICAP Brokers Said to Face U.K. Prosecutors in Libor ProbeSuzi Ring
Three former ICAP Plc brokers charged in the U.S. over their involvement in Libor-rigging will be interviewed by U.K. prosecutors within weeks, two people with knowledge of the probe said.
Daniel Wilkinson and Colin Goodman, who live in England, will be interviewed by the Serious Fraud Office in the next few weeks, said the people, who asked not to be identified because the talks are private. Darrell Read, who lives in New Zealand, will also be questioned, the people said.
Seven people have been charged over manipulation of the London interbank offered rate, including five in the U.S. Tom Hayes, a former UBS AG and Citigroup Inc. trader who has been at the center of the probe, has been accused in both countries.
“We are making arrangements to speak to the SFO in December,” said Matthew Frankland, Wilkinson’s lawyer in London. “There is no date arranged yet. We are in dialog with them.”
Nilima Fox, a spokeswoman for the SFO, and Brigitte Trafford, a spokeswoman for ICAP, declined to comment. A message sent to Goodman through LinkedIn wasn’t immediately returned. Contact details for Read couldn’t be immediately located.
The SFO has said it is investigating 22 people as potential co-conspirators to the three men it has already charged. Prosecutors may attempt to interview more of the possible co-conspirators before the Christmas holiday, one of the people said.
Two former RP Martin Holdings Ltd. brokers, Terry Farr and James Gilmour, were charged by the SFO one month after Hayes. All three are scheduled to enter pleas in December.
Hayes was charged by the U.S. Department of Justice along with former UBS trader Roger Darin last December, six months before he faced criminal proceedings in Britain. No public attempts have been made by the U.S. to extradite any individuals accused over Libor.
The SFO charged Hayes with conspiring with employees of JPMorgan Chase & Co., Royal Bank of Scotland Group, HSBC Holdings Plc, Rabobank Groep and Deutsche Bank AG, as well as Tullett Prebon Plc, ICAP and RP Martin Holdings, to manipulate yen Libor rates over a four-year period. Hayes was charged half a year after being interviewed by the SFO.
Global regulators have fined UBS, Barclays Plc, RBS, ICAP and, most recently, Rabobank, about $3.7 billion for distorting Libor and similar benchmarks.
More than $300 trillion of loans, financial products and contracts are linked to Libor. Regulators are looking at how derivative traders and bankers who submitted interest-rate data colluded to ensure benchmarks benefited their own trades.