UK to charge 3 in rate-rigging probe

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Associated Press

Posted on March 28, 2014 at 12:02 PM

Updated Friday, Mar 28 at 12:33 PM

LONDON (AP) — Britain's Serious Fraud Office is charging three former employees of broker ICAP PLC in the scandal related to the rigging of a key market interest rate.

Criminal proceedings commenced Friday against Danny Martin Wilkinson, Darrell Paul Read and Colin John Goodman in the manipulation of the London interbank offered rate, or LIBOR.

The SFO alleges they conspired to defraud between Aug. 8, 2006 and Sept. 7, 2010.

A court date of April 15 has been set to enter pleas at Westminster Magistrates' Court.

With the action Friday, nine people have been implicated in the investigation on LIBOR, the rate used by banks to borrow from each other. The influential benchmark indirectly affects the cost of loans throughout the economy.

U.S. and British regulators have been working together on LIBOR prosecutions.

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