High angle view of mallet eyeglasses legal book in courtroom
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Regulators in the U.K. have banned a former broker who was acquitted of criminal charges in connection with the LIBOR market manipulation scandal.

The UK’s Financial Conduct Authority (FCA) announced that it has banned Terry Farr, a former broker with inter-dealer broker Martins Brokers (UK) Ltd., after finding that he arranged wash trades back in 2008/2009.

“Mr Farr encouraged a trader at UBS to believe that Mr Farr was willing to attempt to influence the [Yen] LIBOR submissions of other banks at the trader’s request. In return, the trader entered into the wash trades to reward Mr Farr for his perceived assistance,” the regulator said.

The FCA said the wash trading generated more than £250,000 in brokerage fees for the the firm, boosting the bonus pool available to Farr and his colleagues.

“There was no legitimate reason for Mr Farr to make these trades and his actions were motivated by greed. His actions mean he has no place in financial services,” said Mark Steward, executive director of enforcement and market oversight at the FCA.

“Today’s ban reflects our commitment to making sure that people working in financial services act with integrity,” he added.

In 2016, Farr was acquitted after a trial on charges of alleged conspiracy to defraud involving Yen LIBOR rate submissions.