British police and anti-fraud officers made the first arrests in a global interest rate rigging scandal on Tuesday, detaining a former trader and two other men, sources said.
Britain's Serious Fraud Office (SFO), one of a posse of international prosecutors and regulators homing in on rate fixers, said three British men aged 33, 41 and 47 had been taken to a London police station in the early morning for questioning.
"The men are all British nationals currently living in the United Kingdom," the SFO said. A spokesman said interviews were continuing into the evening.
One of those arrested was former Citigroup and UBS trader Thomas Hayes, according to a source familiar with the situation.
The two other were Terry Farr and James Gilmour, who both worked at interdealer broker RP Martin, according to a separate source, who also spoke on condition of anonymity. Hayes, Farr and Gilmour could not be immediately reached for comment.
On his LinkedIn page, Farr is listed as
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