ADVERTISEMENT

ADVERTISEMENT

Community Calendar

Animal Experiences with Dave Marchetti
10 a.m. - 11 a.m. Charlestown

Nutrition Seminar
10:30 a.m. - 11:30 a.m. Westerly

Saturday Sweat Fitcamp
11 a.m. - 12:30 a.m. Westerly

Hope Valley Indoor Winter Farmers Market
11:15 a.m. - 1:30 p.m. Wyoming

Easter Egg Hunt
1 p.m. - 2 p.m. Westerly

Local Author Presentation
1 p.m. - 2 p.m. Westerly

Book Signing
1 p.m. - 3 p.m. Westerly

Free Income Tax help
2:30 p.m. - 5 p.m. Charlestown

11th Annual SUFA Pins for Pets Bowlathon
5 p.m. - 8 p.m. Westerly

The Foursome
8 p.m. - 9:30 p.m. Westerly

... View all of today's events

Stay Connected


ADVERTISEMENT


Royal Bank of Scotland fined $50M


HARTFORD (AP) — The Royal Bank of Scotland was fined $50 million by a federal judge in Connecticut Monday, part of more than $600 million in penalties announced last year for manipulating interest rates.

The bank’s subsidiary, RBS Securities Japan Limited, agreed to pay the fine last year as part of a plea agreement and a judge in U.S. District Court in Hartford approved the penalty Monday. The subsidiary pleaded guilty last April to wire fraud and admitted its role in manipulating the Japanese Yen London interbank offered rate, or LIBOR. That’s the rate banks use to lend money to each other and provides the basis for trillions of dollars in contracts around the world.

U.S. and U.K. regulators and authorities fined RBS $612 million, including the latest $50 million fine, for rate-rigging.

The investigations found wrongdoing by about 20 RBS traders, according to court papers.

Prosecutors and the company say those responsible have left the company and others were disciplined. RBS was one of several banks fined for manipulating LIBOR.

“Today’s sentencing of RBS is an important reminder of the significant consequences facing banks that deliberately manipulate financial benchmark rates, and it represents one of the numerous enforcement actions taken by the Justice Department in our ongoing LIBOR investigation,” said Acting Assistant Attorney General Mythili Raman.

RBS provided “extensive and highly valuable cooperation” during the investigation, according to sentencing papers filed by the company and prosecutors. The resolution also required RBS to adopt stringent internal controls and compliance measures to prevent and detect any possible future misconduct.



Back to State
Top Stories of the Week

Two charged after selling heroin to undercover officers …
WESTERLY — A 24-year-old local man with a criminal drug history is in trouble with the law again after he allegedly sold heroin to undercover … more ...

Randall’s Ordinary sold, will return …
NORTH STONINGTON — One of the oldest homes in the area is being saved, much to the delight of local historians. Randall’s Ordinary, the old … more ...

Westerly stymies request for Burdick probe document …
WESTERLY — The town is refusing to publicly release a consultant’s report detailing his findings following an investigation of former Zoning Officer Elizabeth Burdick’s claims … more ...

Police logs: Wednesday, March 25, 2015 …
Westerly Michael S. Famodimu, 22, of 4 Knight St., Westerly, was charged Saturday with disorderly conduct. A 15-year-old juvenile was charged with the same offense. … more ...

Police logs: Thursday, March 26, 2015 …
Westerly October K. Greene, 38, of 155 Alton Bradford Road, Bradford was charged Tuesday with larceny under $1,500. Stonington Daniel J. Southerland, 39, of Groton, … more ...

Latest Comments