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Ex-RBS Bond Trader Pleads Guilty as Bond Probe Widens

  • Siegel agrees to cooperate with U.S. in pricing probe
  • Plea follows tossing of similar case by appeals court
The Royal Bank of Scotland building in London.

The Royal Bank of Scotland building in London.

Photographer: Matthew Lloyd/Bloomberg
Updated on

A former Royal Bank of Scotland Group Plc bond trader pleaded guilty to lying to customers in order to get them to pay higher prices as the U.S. continues probing tactics used in the market for complex debt -- undaunted by an appeals court’s rejection of a key conviction.

Adam Siegel’s plea is an indication that the government is continuing a crackdown on deceptive practices in the bond market even after an appeals court threw out the conviction of former Jefferies & Co. trader Jesse Litvak. Siegel agreed to cooperate with the government in the probe of bond-market trading.