POST Online Media Lite Edition



 

Deutsche Bank ex-trader pleads guilty to rigging Libor

Staff writer |
A former Deutsche Bank trader has pleaded guilty in New York to manipulating the Libor benchmark interest rate, according to U.S. court documents.

Article continues below






Timothy Parietti, former Deutsche Bank managing director, pleaded guilty on May 26, to working with other bankers to rig the widely-used Libor benchmark.

Parietti submitted fraudulent information in the rate-setting process for the London Interbank Offered Rate to benefit his own and his bank's trading positions, according to prosector documents unsealed by a June 21 court order.

The guilty plea comes on the heels of numerous ther criminal prosecutions of banks and bankers in the rate-fixing scandal, including a U.S. indictment announced June 2 against two other former Deutsche Bank traders, Matthew Connolly of New Jersey and Gavin Campbell Black of London.

A third Deutsche trader, Michael Cutler of London, pleaded guilty last year to wire and bank fraud charges in the case, the Justice Department said in the June 2 announcement.

Last year Deutsche Bank agreed to pay 2.5 billion to settle charges in the case with British and U.S. authorities.

The probe is continuing in London as well, where more than 20 people have been charged.


What to read next

Deutsche Bank’s London subsidiary sentenced for manipulation of LIBOR
Three ex-Barclays traders found guilty for Libor rigging
Deutsche Bank, JPMorgan to pay $148 million to end yen Libor cases in U.S.