UBS Pleaded Guilty and Paid $203 Million Over LIBOR Manipulation
Company: UBS Group AG
Summary
In May 2015, UBS agreed to plead guilty to felony wire fraud in connection with manipulation of LIBOR and other benchmark interest rates and to pay a $203 million criminal penalty. The U.S. Department of Justice declared UBS in breach of a 2012 non-prosecution agreement after finding additional criminal conduct. DOJ said UBS had previously admitted participating in a scheme to manipulate benchmark rates; the later breach also involved deceptive foreign-exchange trading and sales practices, including undisclosed markups. Source: U.S. Department of Justice https://www.justice.gov/criminal/criminal-vns/united-states-v-ubs-ag