On July 7, Paul Thompson, a former Rabobank derivatives trader who worked in Hong Kong and Singapore as the bank’s Head of Money Market and Derivatives Trading for Northeast Asia, pled guilty to conspiring to commit wire fraud and bank fraud for his role in a scheme to manipulate LIBOR to Rabobank’s advantage.  Communications showed that Thompson contacted Anthony Conti, formerly Rabobank’s primary U.S. Dollar LIBOR submitter, on multiple occasions about influencing the rate to the Bank’s advantage.  Conti, along with Anthony Allen, Rabobank’s former Global Head of Liquidity and Finance, were convicted by a jury in November 2015 for their roles in the scheme.  They were sentenced to 12 and 24 months in prison, respectively.  Three other former Rabobank employees have pled guilty, and a fourth has been charged and awaits trial.  In October 2013, Rabobank entered into a deferred prosecution agreement and agreed to pay a $325 million penalty to resolve violations arising from Rabobank’s LIBOR submissions.  United States v. Thompson, 14-cr-272 (S.D.N.Y.). DOJ Press Release

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