| LONDON, April 15
LONDON, April 15 Three former brokers at ICAP
, the world's largest interdealer broker, appeared in a
London court on Tuesday charged with running a four-year scheme
to manipulate Libor benchmark rates.
The men, who spoke only to confirm personal details such as
addresses, bring to nine the number of people facing criminal
charges in Britain over allegations that they rigged the London
Interbank Offered Rate (Libor), which is used to price about
$450 trillion of products from complex derivatives to home
The hearing at Westminster Magistrates Court is the latest
in a global investigation that stretches from North America to
Asia, shaking public faith in the financial industry. The
scandal has so far led to fines of $6 billion imposed on 10
banks and ICAP.
Traders are alleged to have fixed Libor, which is based on a
survey of what banks would charge each other for loans, by
submitting answers that could nudge the reported rates by
amounts that were tiny but translated into big profits.
Former ICAP derivatives broker Darrell Paul Read, 49, his
supervisor Daniel Martin Wilkinson, 47, and 52-year-old Colin
John Goodman, a cash broker, are all charged of conspiracy to
defraud between August 2006 and September 2010.
Britain's Serious Fraud Office (SFO), which brought the
charges last month, alleges that the men dishonestly agreed to
procure or make submissions of yen Libor rates that were false
The men, who have already been charged by U.S. prosecutors,
did not indicate any plea and have been granted conditional
bail. They will next appear at the higher Southwark Crown Court
on April 30.
The SFO has already charged six other men as part of its
Libor investigation, including Tom Hayes, a former yen
derivatives trader at UBS and Citigroup, who
pleaded not guilty in a London court in December. A trial has
been scheduled for January 2015.
Two former RP Martin brokers, Terry Farr and James Gilmour,
have also been charged and pleaded not guilty to similar
fraud-related offences. Their trial is planned for September
2015, in part to allow the SFO time to bring charges against
further alleged co-conspirators.
Former Barclays traders Peter Charles Johnson, 59,
Jonathan Mathew, 33, and Stylianos Contogoulas, 42, also charged
with conspiracy to defraud, appeared in court in
ICAP, which in September settled regulatory investigations
into allegations of manipulation of yen Libor, declined to
(Editing by David Goodman)