Paul Robson, a former trader at Rabobank, has become the first Briton to plead guilty to being part of the worldwide conspiracy to rig the Libor interest benchmark.

The executive, who worked at the Dutch bank's London office, admitted before a New York court to one count of bank fraud and wire fraud, as part of a conspiracy that also involved the taxpayer-backed Lloyds Banking Group.


According to the Department of Justice, Mr Robson worked with two other named Rabobank traders, as well as unnamed traders at other organisations including Lloyds, to manipulate Yen Libor between 2006 and 2011.


Mr Robson is due to be sentenced on June 9, 2017, and could face up to 30 years in prison according to some sources. He is the second banker to plead guilty to the fraud, after Takayuki Yagami, his Rabobank colleague.

Lloyds has already agreed to pay the DoJ an $86m fine for alleged Libor rigging, bringing its total fine for the scandal to £217m. The bank is still 25pc owned by the taxpayer.

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