Bankers found to have rigged LIBOR rates could face jail time after the Serious Fraud Office (SFO) said it would look to bring criminal charges against perpetrators, the Telegraph reports.
According to the report, David Green, QC, director of the SFO said existing laws could be used to bring criminal charges against banks involved in the scandal.
While he did not specify the charges that could be brought, he said it was possible for people found guilty to be jailed for up to ten years.
In a statement the SFO said it was “satisfied that existing criminal offences are capable of covering conduct in relation to the alleged manipulation of Libor and related interest rates”.
The statement comes three weeks after the SFO announced its investigation into the LIBOR rigging scandal.
