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FCA has issued its first fines against individuals as part of Libor scandal

3 February 2015

The Financial Conduct Authority (FCA) has issued its first fines against individuals for interest rate-rigging as part of the Libor scandal.

David Caplin, former CEO at Martin Brokers (UK) Ltd, was fined £210,000 and Martin’s former compliance officer, Jeremy Kraft, was ordered to pay £105,000. Both were banned from holding positions with significant influence in the financial services industry.

These fines come a full five years after investigations began into Libor manipulation. The question now is whether many more will face similar punishments.

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