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US: Two ex-Bank traders charged in rate-rigging scheme

By  |  June 5, 2016

The Justice Department announced criminal charges on Thursday against two former Deutsche Bank traders accused of manipulating interest rates, the latest Wall Street employees to be ensnared in the government’s wide-ranging crackdown.

The former traders, Matthew Connolly and Gavin Campbell Black, were indicted on charges that they manipulated the London interbank offered rate, or Libor, a benchmark rate that underpins trillions of dollars in mortgages, student loans and other debt.

Mr. Connolly, who was taken into custody on Thursday, is the first American citizen to be charged in the Libor case.

Before leaving Deutsche Bank — Germany’s largest financial institution — both defendants were senior traders there. Mr. Connolly was the director of a trading desk in New York that worked with financial products based on Libor, while Mr. Black was a director on a Deutsche Bank trading desk in London.

Full Content: NY Times

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