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Deutsche Bank ex-trader pleads guilty to rigging Libor

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Staff writer ▼ | June 23, 2016
Deutsche Bank
Timothy Parietti   The Libor case is spreading

A former Deutsche Bank trader has pleaded guilty in New York to manipulating the Libor benchmark interest rate, according to U.S. court documents.

Timothy Parietti, former Deutsche Bank managing director, pleaded guilty on May 26, to working with other bankers to rig the widely-used Libor benchmark.

Parietti submitted fraudulent information in the rate-setting process for the London Interbank Offered Rate to benefit his own and his bank's trading positions, according to prosector documents unsealed by a June 21 court order.

The guilty plea comes on the heels of numerous ther criminal prosecutions of banks and bankers in the rate-fixing scandal, including a U.S. indictment announced June 2 against two other former Deutsche Bank traders, Matthew Connolly of New Jersey and Gavin Campbell Black of London.

A third Deutsche trader, Michael Cutler of London, pleaded guilty last year to wire and bank fraud charges in the case, the Justice Department said in the June 2 announcement.

Last year Deutsche Bank agreed to pay 2.5 billion to settle charges in the case with British and U.S. authorities.

The probe is continuing in London as well, where more than 20 people have been charged.

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