Three Men Arrested in UK Over Libor Manipulation Scandal

Published:7:28 am EDT, December 11, 2012| Updated:7:53 am EDT, December 11, 2012|
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Three men have been arrested in the U.K. by the Serious Fraud Office over the Libor manipulation scandal that broke earlier this year, reports Sky News.

A statement reads:

"Today the Serious Fraud Office (SFO), with the assistance of the City of London Police, executed search warrants at three residential premises in Surrey and Essex. Three men, aged 33, 41 and 47, have been arrested and taken to a London police station for interview in connection with the investigation into the manipulation of Libor."

News of the scandal broke earlier this year in July when it was discovered that interests rates at many financial institutions were manipulated. The scandal has the potential to become the most costly and consequential in the history of banking.

Just last month British bank, Barclays, fired five employees for involvement in the scandal.

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