Posted by NYC Attorney Norka M. Schell
FOR IMMEDIATE RELEASE CRM
TUESDAY, JUNE 10, 2014 (202)
514-2007
WWW.JUSTICE.GOV
FORMER RABOBANK TRADER PLEADS GUILTY
FOR SCHEME TO MANIPULATE YEN LIBOR
WASHINGTON – A former Coöperatieve Centrale
Raiffeisen-Boerenleenbank B.A. (Rabobank) Japanese Yen derivatives trader
pleaded guilty today for his role in a conspiracy to commit wire and bank fraud
by manipulating Rabobank’s Yen London InterBank Offered Rate (LIBOR) submissions
to benefit his trading positions.
Attorney General Eric H. Holder, Assistant
Attorney General Leslie R. Caldwell of theJustice Department’s Criminal
Division, Deputy Assistant Attorney General Brent Snyder of the Justice
Department’s Antitrust Division and Assistant Director in Charge Valerie
Parlave of the FBI’s Washington Field Office made the announcement.
Today, a criminal information was filed in
the Southern District of New York charging Takayuki Yagami, a Japanese
national, with one count of conspiracy to commit wire fraud and bank fraud.
Yagami pleaded guilty to the information before United States District Judge
Jed S. Rakoff in the Southern District of New York.
“With this guilty plea, we take another
significant step to hold accountable those who fraudulently manipulated the world’s
cornerstone benchmark interest rate for financial gain,” said Attorney General
Eric Holder. “This conduct distorted transactions and financial products around
the world. Manipulating LIBOR effectively rigs the global financial system, compromising
the fairness of world markets. This plea demonstrates that the Justice
Department will never waver, and we will never rest, in our determination to
ensure the integrity of the marketplace and protect it from fraud.”
Today, a criminal information was filed in
the Southern District of New York charging Takayuki Yagami, a Japanese
national, with one count of conspiracy to commit wire fraud and bank fraud.
Yagami pleaded guilty to the information before United States District Judge
Jed S. Rakoff in the Southern District of New York.
“With this guilty plea, we take another
significant step to hold accountable those who fraudulently manipulated the world’s
cornerstone benchmark interest rate for financial gain,” said Attorney General
Eric Holder. “This conduct distorted transactions and financial products around
the world. Manipulating LIBOR effectively rigs the global financial system, compromising
the fairness of world markets. This plea demonstrates that the Justice
Department will never waver, and we will never rest, in our determination to
ensure the integrity of the marketplace and protect it from fraud.”
“Manipulating financial trading markets to
create an unfair advantage is against the law,” said Assistant Director in
Charge Parlave. “Today’s guilty plea further underscores the FBI’s ability to
investigate complex international financial crimes and bring the perpetrators
to justice.
The Washington Field Office has committed significant time and
resources including the expertise of Special Agents, forensic accountants and
analysts to investigate this case along with our Department of Justice
colleagues. Their efforts send a clear message to anyone contemplating
financial crimes: think twice or you will face the consequences.” See release here.
