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Two former Deutsche Bank employees indicted on fraud charges

Jaclyn Jaeger | June 2, 2016

The Department of Justice announced today the indictment of two former Deutsche Bank traders—the bank’s supervisor of the pool trading desk in New York and a derivatives trader in London—for their alleged roles in a scheme to manipulate the USD London InterBank Offered Rate, a benchmark interest rate to which trillions of dollars in interest rate contracts were tied. 

Assistant Attorney General Leslie R. Caldwell of the Justice Department’s Criminal Division, Deputy Assistant Attorney General Brent Snyder of the Justice Department’s Antitrust Division and Assistant Director in Charge Paul M. Abbate of the FBI’s Washington Field Office made the announcement after the indictment was unsealed today.

On May 31, a federal grand jury in the Southern District of New York returned a 10-count indictment charging Matthew Connolly and Gavin Campbell...

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