Two former Rabobank traders were found guilty of fraud on Thursday in the first U.S. trial arising from a global investigation into whether banks sought to manipulate the interest rate known as Libor.
Anthony Allen, Rabobank’s former global head of liquidity and finance, and Anthony Conti, a former senior trader, were found guilty by a federal jury in Manhattan on all counts of conspiracy and wire fraud they faced.
The verdict marked a victory for the US Justice Department, which brought charges against the British citizens a year after the Netherlands-based bank in October 2013 reached a $1 billion deal resolving related US and European probes.
“Today’s verdicts illustrate the department’s successful efforts to hold accountable bank executives responsible for this global fraud scheme,” Leslie Caldwell, head of the Justice Department’s criminal division, said in a statement.
Full content: The Wall Street Journal
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