Ex-brokers charged over Libor scandal

Britain’s fraud prosecutor yesterday charged two former brokers at interdealer broker RP Martin with conspiracy to defraud, stepping up its investigation into the rigging of Libor benchmark interest rates.

The Serious Fraud Office (SFO) said it had charged Terry Farr and James Gilmour, seven months after arresting them.

They are the first brokers to be charged in the Libor scandal. The two were arrested a fortnight before Christmas along with former UBS and Citigroup trader Tom Hayes, who was last month charged with eight counts of conspiracy to defraud as the SFO laid the groundwork for what could be the first Libor trial.