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Ex-UBS Staff Face Criminal Charges And Extradition

  • On Wednesday, US state authorities began extradition proceedings against former employees of UBS, the Swiss global financial services company which is headquartered in Basel and Zürich. Two former UBS employees may be extradited after global regulators found conclusive evidence of a UBS involvement in "extensive and widespread" efforts to manipulate key benchmark interest rates. The Swiss bank has been fined $1.2 billion (£940 million) its involvement in manipulating key bench rates and in bribing brokers. This amount includes a £160 penalty levied by the Financial Services Authority and is the largest imposed by the FSA.

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