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Sixth broker pleads not guilty to Libor fraud charges in UK court

Reuters - UK Focus

LONDON, April 17 (Reuters) - A former UK broker on Friday pleaded not guilty in a London court to a criminal charge he conspired to manipulate Libor benchmark interest rates.

Noel Cryan, a former employee at UK brokerage Tullett Prebon (LSE: TLPR.L - news) , is charged with conspiracy to defraud between February and December 2009 and is the first former Tullett employee to face sanction in a sprawling global investigation.

Former staffers at rival brokerages have already been charged by Britain's Serious Fraud Office (SFO). Interdealer brokers are designed to match buyers and sellers of bonds, currencies and swaps without bias.

Cryan, whose trial alongside other brokers is scheduled for September, brings to 21 the number of people charged by U.S. and UK prosecutors as part of an inquiry into alleged fixing of Libor (London interbank offered rate), used to price hundreds of trillions of dollars of financial products and loans worldwide.

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The first high-profile trial of an individuals charged with Libor rigging offences is due to begin in London on May 11.

Tom Hayes, a former UBS (NYSEArca: FBGX - news) and Citigroup trader, has pleaded not guilty to eight counts of conspiracy to defraud, an offence that carries a maximum sentence of 10 years. (Reporting by Kirstin Ridley; Editing by Mark Potter)