Swiss bank UBS AG's Japanese subsidiary has agreed to plead guilty to felony wire fraud and admit its role in manipulating the London Interbank Offered Rate (LIBOR), a leading benchmark used in financial products and transactions around the world, U.S. Attorney General Eric Holder announced on Wednesday.
The announcement was part of an international investigation in which UBS agreed to pay $1.5 billion in fines to U.S. and British authorities. The text below is from the Justice Department announcement:
The criminal information, filed today in U.S. District Court in the District of Connecticut, charges UBS Japan with one count of engaging in a scheme to defraud counterparties to interest rate derivatives trades by secretly manipulating LIBOR benchmark interest rates.
As part of the ongoing criminal investigation by the Criminal and Antitrust Divisions of the Justice Department and the FBI into LIBOR manipulation, two former senior UBS traders also are charged. Tom Alexander William
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