As MarketWatch reported, Michael Ross Curtler, a former trader at Deutsche Bank, pleaded guilty of manipulating the London interbank offered rate (Libor).
Michael Ross Curtler and his colleagues engaged a scheme to manipulate Libor, which is a short-term rate banks charge each other for loans, with the aim to increase the profitability of trades in which he and others had a financial interest. Details on their activity as well as the extent of the damage were not revealed.
Cutler was out on bail. He will receive sentence early next year.
In 2011, the US and European authorities launched the global Libor investigation. As a result, Deutsche Bank got a $2.5 billion fine, and UBS, the Swiss bank, was imposed a near $2 billion fine.
Besides, five financial organizations were ordered to pay out 5 million US dollars over manipulation of foreign exchange rates. JPMorgan, Citigroup, Barclays, and Royal Bank of Scotland have already pleaded guilty.
