Pending Criminal Division Cases

United States v. Paul Robson et al.
Court Docket No. 1:14-cr-00272 (S.D. New York)

Court Assigned: This case is assigned to Judge Jed S. Rakoff, U.S. District Court for the Southern District of New York, Daniel Patrick Moynihan, United States Courthouse, 500 Pearl St., New York, NY 10007-1312.


Click here for the latest update.

Criminal Charges: Seven individuals have been charged in a scheme to manipulate and attempt to manipulate the London Interbank Bank Offering Rate (LIBOR). The defendants include:

1) Paul Robson

2) Paul Thompson

3) Tetsuya Motomura

4) Takayuki Yagami

5) Anthony Allen

6) Anthony Conti

7) Lee Stewart

On April 28, 2014, three former senior traders at Coöperatieve Centrale Raiffeisen-Boerenleenbank B.A. (Rabobank), Paul Robson of the United Kingdom, who was also a rate setter; Paul Thompson of Australia, Rabobank’s head of money market and derivatives trading for Northeast Asia; and Tetsuya Motomura of Japan, a senior trader and head of global financial markets trading-Tokyo at Rabobank’s Tokyo desk, were indicted on one count of conspiracy to commit wire fraud and various substantive counts of wire fraud relating to a conspiracy to manipulate LIBOR. The defendants initially were charged by complaint in January 2014.

On October 16, 2014, Thompson; Motomura; Anthony Allen, the global head of liquidity and finance at Rabobank’s London desk; and Anthony Conti, a senior trader on Rabobank’s money markets trading desk in London, were charged in a superseding indictment with conspiracy to commit wire and bank fraud and various substantive counts of wire fraud.

Two additional co-defendants, Takayuki Yagami and Lee Stewart were charged separately by information on June 10, 2014, and March 23, 2015, respectively.

According to the superseding indictment, at the time relevant to the charges, LIBOR was an average interest rate, calculated based on submissions from leading banks around the world, reflecting the rates those banks believed they would be charged if borrowing from other banks. LIBOR was published by the British Bankers’ Association (BBA), a trade association based in London. LIBOR was calculated for 10 currencies at 15 borrowing periods, known as maturities, ranging from overnight to one year. The published LIBOR “fix” for U.S. Dollar and Yen currency for a specific maturity was the result of a calculation based upon submissions from a panel of 16 banks, including Rabobank.

LIBOR serves as the primary benchmark for short-term interest rates globally and is used as a reference rate for many interest rate contracts, mortgages, credit cards, student loans and other consumer lending products.

Rabobank entered into a deferred prosecution agreement with the Department of Justice on Oct. 29, 2013, and agreed to pay a $325 million penalty to resolve violations arising from Rabobank’s LIBOR submissions.

According to allegations in the superseding indictment, Allen put in place a system in which Rabobank employees who traded in derivative products linked to USD and Yen LIBOR regularly communicated their trading positions to Rabobank’s LIBOR submitters, who submitted Rabobank’s LIBOR contributions to the BBA. Motomura, Thompson, Yagami, and other traders entered into derivative contracts containing USD or Yen LIBOR as a price component and they asked Conti, Robson, Allen, and others to submit LIBOR contributions consistent with the traders’ or the bank’s financial interests, to benefit the traders’ or the banks’ trading positions. Conti, who was based in London and Utrecht, Netherlands, served as Rabobank’s primary USD LIBOR submitter and at times acted as Rabobank’s back-up Yen LIBOR submitter. Robson, who was based in London, served as Rabobank’s primary submitter of Yen LIBOR. Allen, in addition to supervising the desk in London and money market trading worldwide, occasionally acted as Rabobank’s backup USD and Yen LIBOR submitter. Allen also served on a BBA Steering Committee that provided the BBA with advice on the calculation of LIBOR as well as recommendations concerning which financial institutions should sit on the LIBOR contributor panel.

For more information about the charges, please see below:
Press Release announcing Complaint
Press Release announcing Superseding Indictment
Charging Documents

Victim Impact Statement: If you wish to submit a Victim Impact Statement you can do so by mailing the attached Victim Impact Statement no later than May 2, 2017, to: Pamela Washington, U.S. Department of Justice, Criminal Division, Fraud Section, 10th & Constitution Avenue, NW, Bond Building, Room 4416, Washington, DC 20530. You may also submit the Victim Impact Statement via email at Victimassistance.fraud@usdoj.gov or by fax at: 202-514-3708.

Victim Impact Statement Form (Fillable PDF)
Victim Impact Statement Form

If you elect to obtain counsel to represent your interests in accordance with the Justice for All Act of 2004, please have your attorney notify this office in writing at: U.S. Department of Justice, Criminal Division, Fraud Section, 10th & Constitution Avenue, NW, Bond Building, Room 4416, Washington, DC 20530, Attention: Pamela Washington; (202) 514-7021 (fax). If you elect not to retain counsel to represent your interests you do not need to do anything.

The information on this website will be updated as new developments arise in the case. If you have any questions, please call the Victim Assistance Line toll-free at (888) 549-3945 or email us at victimassistance.fraud@usdoj.gov.


Presumption of Innocence: It is important to keep in mind that defendants are presumed innocent until proven guilty and that presumption requires both the court and our office to take certain steps to ensure that justice is served.

Crime Victims’ Rights Act and Right to Retain Counsel: The Crime Victims’ Rights Act (18 U.S.C. § 3771) applies only to victims of the counts charged in federal court, and thus individuals may not be able to exercise all of these rights if the crime of which the individual is a victim was not charged. Section 377I(c)(2) of this Act requires that we advise you that you have the right to retain counsel. Although the statute specifically sets forth your right to seek advice of an attorney with regard to your rights under the statute, there is no requirement that you retain counsel. The Government may not recommend any specific counsel, nor can the Government (or the Court) pay for counsel to represent you. Government attorneys represent the United States.

If you elect to obtain counsel to represent your interests, please have your attorney notify this office in writing at: U.S. Department of Justice, Criminal Division, Fraud Section, 10th & Constitution Avenue, NW, Bond Building, Room 4416, Washington, DC 20530, Attention: Pamela Washington; (202) 514-3708 (fax). If you elect not to retain counsel to represent your interests, you do not need to do anything.

Plea Agreements: Please be aware that many criminal cases are resolved by plea agreement between the Department of Justice and the defendant. You should also know that it is not unusual for a defendant to seek to negotiate a plea agreement shortly before trial is scheduled to begin. Plea agreements can be made at any time and as late as the morning of trial, leaving little or no opportunity to provide notice to you of the date and time of the plea hearing. If the court schedules a plea hearing in this case, we will use our best efforts to notify you of available information as soon as practicable. If you want to inform the prosecutor of your views regarding potential plea agreements, or any other aspect of the case, please call the Victim Assistance Line toll-free at (888) 549-3945 or email us at victimassistance.fraud@usdoj.gov, and we will put you in touch with the prosecutor.

 

Updated November 8, 2018

Was this page helpful?

Was this page helpful?
Yes No