Ex-brokers face fraud charges over yen-Libor rate manipulation
Terry Farr and James Gilmour worked as rates brokers for RP Martin
Two former interdealer brokers who worked in rates trading with Tom Hayes, the former UBS and Citigroup trader. Photographer: Gianluca Colla/Bloomberg
Terry Farr and James Gilmour, who were arrested and released alongside Mr Hayes in December, were charged yesterday with conspiracy to defraud, the UK’s Serious Fraud Office said. Both worked as rates brokers for RP Martin while Mr Hayes was working at Citi and UBS. Mr Farr (41) and Mr Gilmour (48) were charged by the City of London police and released. They are to appear before Westminster magistrates’ court at a later date. Mr Farr faces two counts of conspiracy, Mr Gilmour one.
Katie Wheatley, for Mr Farr, said in a statement: “It is regrettable that . . . the SFO has chosen to charge Mr Farr, an unqualified interbank broker who had no responsibility whatsoever for setting Libor rates . . .”
Mr Gilmour’s lawyer could not be reached. RP Martin had no comment. – Copyright The Financial Times Limited 2013