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LIBOR Squad Investigate Barclays

According to reports, the British fraud investigators have questioned the head of Barclay’s Japanese business in relation to Libor rigging after a US judge called for the prosecution of those involved with foreign exchange market manipulation.

Mr Dearlove is believed to have been interviewed last month by the Serious Fraud Office which is investigating whether Barclays lowballed the submissions that it made to the LIBOR setting process back in 2008 during the peak of the financial crisis.

LIBOR is an organisation that measures how much respective banks will charge in order to borrow from each other over a short term period. If Barclays are therefore found to have lowballed its submissions, it would essentially have made the bank’s finances appear more vibrant when in actual fact they were badly affected by financial recession.

It is believed that Mr Dearlove, who was responsible for head of money markets at the time, has been questioned by the SFO along with John Stone (former group treasurer) and Miles Storey (former head of group balance sheet). Neither have apparently been arrested or charged at present.

Gary Broadfield, Fraud Solicitor at Cartwright King summarised this news by saying:

“The recent interview of former senior Barclays’ employees by the SFO in respect of allegations that Barclays misrepresented its strength during the financial crisis by “lowballing” LIBOR submissions shows that the SFO’s LIBOR investigations have shifted focus from alleged manipulation by traders and brokers seeking personal profit. It also indicates that despite mixed results in previous prosecutions for LIBOR manipulation, the SFO is determined to continue with such investigations despite the risks and the great cost to the public purse.” 

If you have been accused of committing fraud or any other criminal offence, contact us on 0808 168 5550 or email and we will arrange an initial consultation to find out how we can assist you.

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