A senior banker from a top UK bank has pleaded guilty at Southwark Crown Court to conspiracy to defraud by manipulating Libor, the first criminal conviction in the Serious Fraud Office’s investigation.
The SFO is investigating 11 other individuals who are charged and awaiting trial.
Last week, Lloyds sacked eight members of staff for their part in rigging the benchmark lending rate.
The SFO began its investigation in July 2012.
Since then it has brought charges regarding Libor against Tom Hayes in June 2013; against Terry Farr and James Gilmour in July 2013; against Peter Johnson, Jonathan Mathew and Stylianos Contogoulas in March 2014; against Danny Wilkinson, Darrell Read and Colin Goodman, also in March 2014; and Vijay Merchant, Alex Julian Pabon and Ryan Michael Reich, in April 2014.