Ex-Deutsche Bank trader pleads guilty to Libor-rigging charges in US
A former Deutsche Bank trader has pleaded guilty to Libor-rigging related offences, court records revealed today.
Timothy Parietti, 50, a former managing director of Deutsche Bank's New York money market derivatives trading desk, pleaded guilty to conspiring to commit wire fraud and bank fraud last month, but the court records were sealed until today.
According to the court transcript, which was seen by Reuters, Parietti confessed to working with others to rig the benchmark rate to better suit his trading position between 2006 and 2008.
"At the time, I knew that this practice was dishonest," Parietti is quoted as saying. "I participated in this dishonest practice and I accept responsibility for my role."
Parietti's plea comes less than a month after two other ex-Deutsche Bank workers were charged with Libor-manipulation related offences. Matthew Connolly, 51, was Deutsche Bank's pool trading desk director in New York while Gavin Black, 46, was a director on Deutsche Bank's money market derivatives desk in London.
Michael Curtler, 43, another Deutsche Bank trader, pleaded guilty to one count of conspiracy to commit wire and bank fraud last October.
Deutsche Bank itself entered into a deferred prosecution agreement relating to wire fraud and antitrust charges in April last year.