Two former UBS traders face felony charges for their alleged roles in the rigging of a key global interest rate, the U.S. Justice Department said.
Bloomberg reports that Tom Alexander William Hayes and Roger Darinwere charged with conspiracy in a criminal complaint unsealed Wednesday, the Justice Department said. Hayes also was charged with wire fraud and a price-fixing violation for activity with another bank aimed at manipulating the London Interbank Offered Rate, the department said.
In the meantime, the news organisation also reports that German prosecutors released one of four Deutsche Bank employees jailed last week as part of a probe into suspected tax fraud on carbon trading that prompted a police raid on the lender’s headquarters.
There is no longer the risk that the person will tamper with evidence, Guenter Wittig, a spokesman for the Frankfurt General Prosecutor’s office, said by telephone today. He declined to identify the employee. Christian Streckert, a Deutsche Bank spokesman, declined to comment.
Prosecutors are looking into possible irregularities over the trading of carbon-emission certificates at Deutsche Bank, Europe’s largest lender by assets, in a probe that includes co-Chief Executive Officer Juergen Fitschen and Chief Financial Officer Stefan Krause, who signed tax returns. The bank is grappling with escalating regulatory investigations and litigation stretching from alleged rigging of interbank lending rates to misrepresentation of products tied to U.S. mortgages.