Skip to main content
MENU
Subscribe
  • Sign Up Free
  • LOGIN
  • Subscribe
  • Topics
    • Alternatives
    • Consultants
    • Coronavirus
    • Courts
    • Defined Contribution
    • ESG
    • ETFs
    • Face to Face
    • Hedge Funds
    • Industry Voices
    • Investing
    • Money Management
    • Opinion
    • Partner Content
    • Pension Funds
    • Private Equity
    • Real Estate
    • Russia-Ukraine War
    • SECURE 2.0
    • Special Reports
    • White Papers
  • Rankings & Awards
    • 1,000 Largest Retirement Plans
    • Top-Performing Managers
    • Largest Money Managers
    • DC Money Managers
    • DC Record Keepers
    • Largest Hedge Fund Managers
    • World's Largest Retirement Funds
    • Best Places to Work in Money Management
    • Excellence & Innovation Awards
    • WPS Innovation Awards
    • Eddy Awards
  • ETFs
    • Latest ETF News
    • Fund Screener
    • Education Center
    • Equities
    • Fixed Income
    • Commodities
    • Actively Managed
    • Alternatives
    • ESG Rated
  • ESG
    • Latest ESG News
    • The Institutional Investor’s Guide to ESG Investing
    • ESG Sustainability - Gaining Momentum
    • Climate Change: The Inescapable Opportunity
    • Impact Investing
    • 2022 ESG Investing Conference
    • ESG Rated ETFs
  • Defined Contribution
    • Latest DC News
    • DC Money Manager Rankings
    • DC Record Keeper Rankings
    • Innovations in DC
    • Trends in DC: Focus on Retirement Income
    • 2022 Defined Contribution East Conference
    • 2022 DC Investment Lineup Conference
  • Searches & Hires
    • Latest Searches & Hires News
    • Searches & Hires Database
    • RFPs
  • Performance Data
    • P&I Research Center
    • Earnings Tracker
    • Endowment Returns Tracker
    • Corporate Pension Contribution Tracker
    • Pension Fund Returns Tracker
    • Pension Risk Transfer Database
    • Future of Investments Research Series
    • Charts & Infographics
    • Polls
  • Careers
  • Events
    • View All Conferences
    • View All Webinars
    • 2023 Defined Contribution East
    • 2023 ESG Investing
Breadcrumb
  1. Home
  2. COURTS
August 25, 2017 01:00 AM

2 Societe Generale bankers indicted by U.S. Justice Department for LIBOR actions

Paulina Pielichata
  • Tweet
  • Share
  • Share
  • Email
  • More
    Reprints Print
    Getty Images/iStockphoto
    Judge gavel and scale in court. Library with lot of books in background

    Two Societe Generale bankers were indicted for spreading misleading data related to the interest rate benchmark LIBOR, the U.S. Department of Justice said in a statement Thursday.

    Danielle Sindzingre, global head of treasury based in London, and Muriel Bescond, head of treasury in Paris, were charged in U.S. District Court in Brooklyn with conspiring to contribute and contributing false information to the LIBOR panel, which sets the rate used to price futures contracts, interest rate swaps and other financial instruments.

    Ms. Sindzingre and Ms. Bescond are said to have instructed the firm's Paris-based treasury desk to submit lower LIBOR contribution rates between May 2010 and October 2011 to enable Societe Generale to appear to be borrowing money at more favorable rates. The U.S. Justice Department said in the statement that "this was allegedly done with knowledge that the true rates at which Societe Generale was borrowing money were higher than the rates it was submitting as part of the LIBOR calculation."

    Global banks contribute LIBOR rates to a panel at the British Bankers Association, which calculates the London interbank offered rate based on these submissions.

    As a result, the false information provided by Ms. Sindzingre and Ms. Bescond altered the final U.S. dollar LIBOR calculation, thus affecting all financial transactions tied to it, the Justice Department said in the statement.

    In total, the Justice Department estimated the alleged misconduct caused more than $170 million in harm to the global financial markets, according to the statement.

    "The integrity of our global financial markets relies upon each of its participants providing complete and accurate information," acting U.S. Attorney Bridget M. Rohde said in the release.

    Ms. Rohde added: "As alleged, the defendants acted in contravention of this principle and the laws designed to uphold it by causing their employer, Societe Generale, to submit falsified dollar LIBOR rates, which in turn affected financial transactions across markets worldwide. We will continue to vigorously root out and prosecute such crimes."

    The FBI is investigating this matter, the Justice Department said.

    Societe Generale responded in an emailed statement: "Societe Generale has received formal requests for information from several authorities, including the U.S. Department of Justice, in connection with investigations regarding submissions to the British Bankers Association for setting certain benchmark rates, including the London interbank offered rates. Societe Generale is cooperating with the investigating authorities."

    A spokesman at Societe Generale would not comment on whether Ms. Sindzingre and Ms. Bescond are still employed at the firm.

    Related Articles
    Deutsche Bank, J.P. Morgan Chase settle yen LIBOR suit
    FCA to end LIBOR benchmark before 2022
    LDI portfolios could face risks in move away from LIBOR
    Deutsche to pay $220 million to settle LIBOR manipulation claims
    Colorado pension fund sues 9 banks over alleged Canadian rate manipulation
    HSBC to pay $100 million to settle LIBOR-rigging lawsuit
    Recommended for You
    ONLINE_180539987_AR_0_AJVEYGQPKZAX.jpg
    Veterinary hospital company settles ERISA lawsuit for $1.5 million
    gavel_closeup_court_1550-main_i.jpg
    Judge allows part of ERISA case against CentraCare Health System to proceed
    courtroom gavel books 1550_i.jpg
    ERISA lawsuit against Olin Corp. dismissed again
    The Institutional Investor's Guide to ESG Investing
    Sponsored Content: The Institutional Investor's Guide to ESG Investing

    Reader Poll

    January 25, 2023
    SEE MORE POLLS >
    Sponsored
    White Papers
    Show Me the Income: Discovering plan sponsor and participant preferences for cr…
    The Future of Infrastructure: Building a Better Tomorrow
    Fulcrum Issues: Equity Returns and Inflation — Choose Your Own Adventure
    What Matters Most in Considering a Private Debt Strategy
    Why pursue direct lending in the core middle market?
    Research for Institutional Money Management
    View More
    Sponsored Content
    Partner Content
    The Industrialization of ESG Investment
    For institutional investors, ETFs can make meeting liquidity needs easier
    Gold: the most effective commodity investment
    2021 Investment Outlook | Investing Beyond the Pandemic: A Reset for Portfolios
    Ten ways retirement plan professionals add value to plan sponsors
    Gold: an efficient hedge
    View More
    E-MAIL NEWSLETTERS

    Sign up and get the best of News delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    Subscribe Today
    December 12, 2022 page one

    Get access to the news, research and analysis of events affecting the retirement and institutional money management businesses from a worldwide network of reporters and editors.

    Subscribe
    Connect With Us
    • RSS
    • Twitter
    • Facebook
    • LinkedIn

    Our Mission

    To consistently deliver news, research and analysis to the executives who manage the flow of funds in the institutional investment market.

    About Us

    Main Office
    685 Third Avenue
    Tenth Floor
    New York, NY 10017-4036

    Chicago Office
    130 E. Randolph St.
    Suite 3200
    Chicago, IL 60601

    Contact Us

    Careers at Crain

    About Pensions & Investments

     

    Advertising
    • Media Kit
    • P&I Content Solutions
    • P&I Careers | Post a Job
    • Reprints & Permissions
    Resources
    • Subscribe
    • Newsletters
    • FAQ
    • P&I Research Center
    • Site map
    • Staff Directory
    Legal
    • Privacy Policy
    • Terms and Conditions
    • Privacy Request
    Pensions & Investments
    Copyright © 1996-2023. Crain Communications, Inc. All Rights Reserved.
    • Topics
      • Alternatives
      • Consultants
      • Coronavirus
      • Courts
      • Defined Contribution
      • ESG
      • ETFs
      • Face to Face
      • Hedge Funds
      • Industry Voices
      • Investing
      • Money Management
      • Opinion
      • Partner Content
      • Pension Funds
      • Private Equity
      • Real Estate
      • Russia-Ukraine War
      • SECURE 2.0
      • Special Reports
      • White Papers
    • Rankings & Awards
      • 1,000 Largest Retirement Plans
      • Top-Performing Managers
      • Largest Money Managers
      • DC Money Managers
      • DC Record Keepers
      • Largest Hedge Fund Managers
      • World's Largest Retirement Funds
      • Best Places to Work in Money Management
      • Excellence & Innovation Awards
      • WPS Innovation Awards
      • Eddy Awards
    • ETFs
      • Latest ETF News
      • Fund Screener
      • Education Center
      • Equities
      • Fixed Income
      • Commodities
      • Actively Managed
      • Alternatives
      • ESG Rated
    • ESG
      • Latest ESG News
      • The Institutional Investor’s Guide to ESG Investing
      • ESG Sustainability - Gaining Momentum
      • Climate Change: The Inescapable Opportunity
      • Impact Investing
      • 2022 ESG Investing Conference
      • ESG Rated ETFs
    • Defined Contribution
      • Latest DC News
      • DC Money Manager Rankings
      • DC Record Keeper Rankings
      • Innovations in DC
      • Trends in DC: Focus on Retirement Income
      • 2022 Defined Contribution East Conference
      • 2022 DC Investment Lineup Conference
    • Searches & Hires
      • Latest Searches & Hires News
      • Searches & Hires Database
      • RFPs
    • Performance Data
      • P&I Research Center
      • Earnings Tracker
      • Endowment Returns Tracker
      • Corporate Pension Contribution Tracker
      • Pension Fund Returns Tracker
      • Pension Risk Transfer Database
      • Future of Investments Research Series
      • Charts & Infographics
      • Polls
    • Careers
    • Events
      • View All Conferences
      • View All Webinars
      • 2023 Defined Contribution East
      • 2023 ESG Investing