Former Deutsche Bank Trader Pleads Guilty in Libor Manipulation Probe
October 08 2015 - 5:10PM
Dow Jones News
A former Deutsche Bank senior trader pleaded guilty to
conspiring to rig a key lending benchmark, the latest admission in
a long-running investigation.
Michael Ross Curtler, 43 years old, on Thursday pleaded guilty
to a felony charge of conspiring to manipulate the London interbank
offered rate, or Libor, which underpins interest rates in trillions
of dollars of financial contracts, from corporate debt to home
mortgages.
In the complaint, filed in Manhattan federal court, the
authorities said Mr. Curtler, a British citizen working for
Deutsche Bank's U.S. dollar cash desk, colluded with others to
manipulate the rates to benefit their trading positions.
While rate manipulation was widespread, the authorities have
said Deutsche Bank was especially aggressive and had slowed the
probe by refusing to cooperate fully or misleading investigators.
In April, the Frankfurt-based bank admitted to the manipulation and
agreed to pay a record $2.5 billion to resolve charges in the U.S.
and the U.K.
Mr. Curtler is the first person associated with Deutsche Bank to
be charged.
He was released on bail and is scheduled to be sentenced Jan.
19. Under the terms of his release, he is allowed to travel within
the U.S., the U.K., France, Spain, Germany, Portugal and Dubai.
His lawyer didn't return a call for comment.
Some of the world's largest banks have agreed to pay billions of
dollars in fines to resolve a long-running investigation into
whether traders colluded to move foreign-currency rates for their
own financial benefit.
Write to Maria Armental at maria.armental@wsj.com
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(END) Dow Jones Newswires
October 08, 2015 16:55 ET (20:55 GMT)
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