The UK filed its first criminal proceedings against scandal-struck US-based Libor traders on Monday over the alleged rigging of global benchmark interest rates. Three former Barclays traders are to be charged, according to the UK’s Serious Fraud Office.
Jay Vijay Merchant, Alex Julian Pabon and Ryan Michael Reich are the three former New-York based Barclays employees who have been charged by the Serious Fraud Office (SFO) with conspiracy to defraud.
“He is not guilty of this offense and will vigorously contest these allegations at his forthcoming trial,” British law firm Hickman & Rose, which is representing Reich, said in a statement. The lawyers for the remaining two men were not available for comment, reported Reuters.