Two brokers charged in Libor rate-rigging scandal

Jul 15, 2013, 10:27 AM EDT

The U.K.'s Serious Fraud Office has filed criminal charges against two brokers, Terry Farr, 41, and James Gilmour, 48, in connection with the rigging of the yen London interbank offered rate (Libor). The two men formerly worked for interdealer broker R.P. Martin Holdings Ltd. The charges follow those filed last month against former UBS trader Tom Hayes and signal an expansion of the investigation into the rigging of the benchmark interest rate. Hayes, Farr and Gilmour are the only individuals to face U.K. criminal charges to date though three banks, UBS, Barclays and Royal Bank of Scotland, have paid a combined $2.6 billion in fines for attempting to manipulate Libor.

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